Clients got my oil short thesis last Friday despite OPEC’s historic meeting to cut production which many believed to be bullish. I followed up with my detailed analysis last Saturday for clients which was reprinted below by SeeItMarket on Wednesday.
Today, crude hit my $17 handle – a 19 year low.
The front-month contract in West Texas Intermediate, the New York-traded benchmark for U.S. oil, plunged to as low as $17.31 per barrel Friday — marking a bottom since 2001 — as it headed for delivery. The contract settled at $18.27, down 8% on the day and 18.5% on the week. Investing.com