Short oil @ 90.60 with a stop on close above 92.4

19 set 2023

Commercials are max short and both Large & Small speculators are long. Today looks like a reversal day. Everyone is expecting $100+

bloomberg.com/news/articles/2023-09-18/latest-oil-market-news-and-analysis-for-september-19

"Oil surged to a 10-month high — extending a powerful rally that may rekindle inflation — as supply cuts from OPEC+ tightened the market, with Saudi Arabia’s energy minister shying away from any change in course.
Global benchmark Brent topped $95 a barrel for the first time since November, advancing for a fourth day after Saudi Arabia and Russia curtailed production. The tighter market has ignited a flurry of predictions that $100 oil could soon return in a roster than runs from industry heavyweights such as Chevron Corp. Chief Executive Officer Mike Wirth to traditional bears at Citigroup Inc.

19 set 2023

Nota

reuters.com/markets/commodities/oil-prices-rise-supply-deficit-concerns-2023-09-19/

U.S. oil output to fall for 3rd straight month in October -EIA
POLL-U.S. crude, product inventories likely fell last week
Coming up: API data on U.S. oil stockpiles at 4:30 p.m. EDT

Sept 19 (Reuters) - Oil prices rose to 10-month highs on Tuesday as weak U.S. shale output compounded supply concerns from extended production cuts by Saudi Arabia and Russia.
Global benchmark Brent crude futures were up 28 cents at $94.71 a barrel by 1:02 p.m. EDT (1702 GMT), having hit a session peak of $95.96 a barrel, their highest since November.
U.S. West Texas Intermediate crude futures were up 22 cents at $91.70 after earlier reaching $93.74 a barrel, also the highest since November.

19 set 2023

Nota

If the market moves lower on lower inventories at 4:30 EDT then that would be a news failure confirmed. Even without it the price action today is setting up to be a reversal day at this rate.

I've been hearing every analyst on CNBC punting oil and oil stocks for the last 3 weeks.