Daily Archives: January 1, 2023

Showing articles 1 - 2 (2 total)

21Nov3:10 pmEST

Putting Out Fires

Saudi Arabia came out and denied the earlier reports of an OPEC supply boost, and now we have crude rallying back to flat on the session after a massive gap down this morning. As we noted on Twitter, the USO ETF (for crude oil itself) had gapped entirely below its lower daily chart Bollinger Band, a rare circumstance indeed which is indicative...

21Nov10:36 amEST

More Drama

News of the Saudis eyeing a surprise production increase in oil is seeing crude dump out again and can probably explain the recent weakness before the news dropped, too. All of this is happening as we still wait for China to fully re-open.  As a result, oil stocks in the OIH XLE XOP ETFs are mostly taking it on the chin to kick off the...

 
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