Interesting fundamentals to consider. OPEC WEST WAR PRICE
Hi Folks:
Here's my view on the BRENT OIL. Rumors are saying that tomorrow will have a massive release of oil from SPR coming from USA, JAPAN and CHINA mainly to control the heavy inflation due to OPEC+ unwilling to open taps.
This will end up very bad for everyone. World leaders seem to be fed up about the quota manipulation that are sending prices higher and higher and causing massive inflation after the global pandemics.
Taking advantage of that is seen as a traition and causing some economies to hurt a lot difficulting their economic recovery.
As a result they have decided to "flood" the market with reserves and that may end up terrible bad.
In the short term price could plummet, but what happens if OPEC+ decides then to cut even more? At some point they will dry the storages and price will literally fly to unseen prices. That's why some traders are betting on 300 bucks or so.
My opinion is much more optimistic and believing that everyone will come to their senses and find a fair balance for everyone. No one is willing to pay 300 bucks for oil, that will catapult the Electric Vehicle industry and the renewable due to the energy crunch of this winter.
Being said that I will stick to these temporary channels and monitor the macroeconomics and fundamentals involved rather than technicals.
Cheers.
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Here's my view on the BRENT OIL. Rumors are saying that tomorrow will have a massive release of oil from SPR coming from USA, JAPAN and CHINA mainly to control the heavy inflation due to OPEC+ unwilling to open taps.
This will end up very bad for everyone. World leaders seem to be fed up about the quota manipulation that are sending prices higher and higher and causing massive inflation after the global pandemics.
Taking advantage of that is seen as a traition and causing some economies to hurt a lot difficulting their economic recovery.
As a result they have decided to "flood" the market with reserves and that may end up terrible bad.
In the short term price could plummet, but what happens if OPEC+ decides then to cut even more? At some point they will dry the storages and price will literally fly to unseen prices. That's why some traders are betting on 300 bucks or so.
My opinion is much more optimistic and believing that everyone will come to their senses and find a fair balance for everyone. No one is willing to pay 300 bucks for oil, that will catapult the Electric Vehicle industry and the renewable due to the energy crunch of this winter.
Being said that I will stick to these temporary channels and monitor the macroeconomics and fundamentals involved rather than technicals.
Cheers.
-------------------------------------------------
Remember, if you liked this idea don't forget to click LIKE and FOLLOW. That will encourage me to continue charting for you.
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