On news re Saudi production cuts https://www.cnbc.com/2023/04/03/oil...ise-cuts-analysts-warn-of-100-per-barrel.html Other favorite oil trades, eg OXY
The recent uptrend started 2 weeks ago. Today, it gapped up to the 80-83 resistance band. Upside potential appears limited.
Oil often displays fade the news price behavior. Although I think going oil is going a bit higher this year, I wouldn't go long for a short term trade here. Disclaimer: I'm not an oil trader.
%% I think OXY is a right trender favorite of W buffet; CVX also\ but i like the DRIP downtrender trades some \ CVX being a leader in downtrends this year. Havent checked MPC lately good up trender leader. I buy some gasoline @ WMT 's MUR, but different stock + set of books from WMT, a favorite of Citidel market maker. I think part of the problem is big TREND/ers like MUR are UP about 100% 2022\ +elephants trying to get out quietly, with few tracks /but like IBD noted ''when an elephant gets in[or out] of a bathtub....LOL '' Good anti ESG, anti woke broke trade+ profits......................... MY start position of oil servers is not green \so no adds to it.But good anti ESG, investment
%% OILU DIG=[semi liquid; OILD, [DRIP seems to be more liquid than the others, but counter trend]. XLE + FENY = good benchmarks. Not in any of those today except a daytrade
The Oil permabulls on CNBC have been a disaster. Oil will go lower just like the stocks. BP earnings report was a disaster. XLE & USO is a short for sure.