For the last two days, anytime WTI (West Texas Intermediate Crude) reaches $75, HUGE volumes are rolled out, milking liquidity and pushing the price down in giant red candles.
I believe before oil started it’s runup, an institution bought HELLA futures contracts and start unloading when they hit $75. They are NOT then buying the dip they themselves created, if they are it’s stealthy, say 10% of what they sell to deflate the price.
My thought is it’s a conspiracy by someone to make America not care as much about going to war. If prices were running without these major dumps, gas would already be 75¢ higher than two weeks ago. We know gas prices move sentiment in politics. Joe Biden drained the fucking emergency strategic reserve to move prices down before an election.
The oil barons usually raise prices before 4th of July, expecting heavy demand for the holiday.
I’m thinking even with a miraculous peace treaty between Israel and Palestine and Iran and Yemen (edit: mistakenly put Oman originally) and Lebanon, the lowered amount of Brent crude being shipped through the Gulf Will cause WTI to pop to $80+.
I just read an article today about Alaska may be reopening part of the Anwar.
What do you guys think?
I don't personally trade in crude after learning about the sheer volume that is parked just offshore waiting for amicable futures and/or political reasons. This guarantees the holders are going to wreck you at any given time, akin to a crypto rug pull.
It's all a rigged game, it's just a matter of trying to figure out their game and riding their coattails. Or make long term investments