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Is the Tide Beginning to Head Out?
Trent Grinkmeyer
June 5, 2023
A little bit…
Todays note is going to be short…I promise.
OPEC announce last night that they will be cutting production. This should be no surprise since the head of OPEC been warning Short Sellers for the last month that they where going to do something that would cause short sellers to get crushed. Oil is up 1.73% this morning. Brent is up 1.64% this morning. Exxon (XOM) is up pre-market 1.52% this morning. Shorts in Oil are getting squeezed out which could be good for the short term, BUT if the shorts get squeezed out, then there is no more floor to support Oil prices to go higher. This is not about price, but rather market positivity vs negativity. Get it?
If the talking heads come on to CNBC and start taking about Oil going lower, Jim Cramer did this, along with a bunch of others saying the same thing, chances are Oil will do the opposite. What’s happening to Oil today? It’s going up and the short sellers will begin to cover their positions. Yet when CNBC says there is a Bull Market in Oil, chances are everyone will crowded into Oil and eventually the Oil market will run out of steam.
It’s not about Price.
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