Shots fired!
Longs to slow cook
C.O.T Brent positioning breakdown from me here for paid subs.
Articles
OPEC+ to consider another accelerated oil output increase for June
Scoop: Iran raised possible interim nuclear deal with U.S, sources say
New use for stripper wells
Winner from tariff war: Canadian oil & gas
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There will be less color and charts in this report as it all is noise by comparison to the shifts at play in oil at the moment. Please refer to ‘The Real Game’. This isn’t going to be pretty for the oil patch worldwide. The only thing that could stave a sell off here is if The U.S puts boots on the ground in Iran. Then, we must flip this bearish immediate view to immediate bullish. HOWEVER, please be mindful that when the Gulf war started, the initial bid in oil only lasted 48 hrs before completely unwinding.
Israel’s ‘Vulnerabilities’ Could Create ‘Strategic Friction’ in US-Iran Crisis, Analysts Warn
Unless we get a swift turnaround on China trade tariffs and a complete softening, China will not come back to market buying U.S oil or gas, with already tentative buying levels. They will remain well supplied from OPEC+. This remains an extremely heavy burden on WTI price and volumes. Now you can see why OPEC+ have decided that now is a great time strategically to reignite a market share war. This can decimate U.S production over the next 18 months. Commercials are increasing hedges at current price levels, not taking any risks. So why should we?
