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Friday, March 29, 2024

Comment by phil

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  1. phil

    I still have the 2 long /RBN19 with a $1.9815 avg and I won't add another (1) unless it drops me to $1.97 so about $1.95 is my spot to add.   It's about 0.02 lower than the front-month contract.

     

    The math for the stocks of 5/17 are still wrong on the Petroleum Status Report, should be more like 1,908 – massive difference so I don't see any reason not to be bullish.  Goes for /CL too at $61 and I'd DD around $60 and stop below that line or if /BZ fails $70, which should come sooner.  

    And Honey badger got bit by a snake!

    Maybe if the Pound stops collapsing:

    Due to the massive error in the EIA report, I think Oil (/CL) and Gasoline (/RB) Futures are oversold at $61.20 and $1.986 respectively.  July is the front-month contract now, /CLN19 on oil but /RB runs 6 more days in the June contract (/RBM19) and I prefer to play July (/RBN19), which happens to be 0.02 cheaper at $1.963.



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