Crude Oil Futures–-Crude oil futures in the October contract is experiencing another wild trading session this Tuesday afternoon in New York down $3.70 a barrel at 59.21 reversing yesterday’s $8 gains as Saudi Arabia has come out and stated that production might be up quicker than first thought.
Yesterday was an absolutely wild trading session all due to crude prices surging after Saudi Arabia lost about half of its oil production output (i.e., 5 mln bpd of total 9.8 mln bpd production), representing about 5% of total world output due to a drone attack and fire at its key Abqaiq oil processing facility on Saturday.
At the current time I’m not involved in oil and I’m certainly advising clients to avoid the entire sector as the volatility is too crazy coupled with unpredictably at the current time is too high so look at other markets with a better risk/reward scenario.
There is a tremendous price gap that was created in yesterday’s trade as it looks to me that could possibly be filled in the next couple of days as the volatility is as high as I’ve ever witnessed as this market is extremely dangerous in either direction and sometimes doing nothing is the best thing to do.
CHART STRUCTURE: POOR
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
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