The big OPEC meeting is next Wednesday in Vienna, and from what I’ve read, crude is going to move massively either up or down, depending on the outcome. That sounds like a ridiculous thing to write, I realize, but the point is that this is a BIG “binary event” in the world of energy.
Last year, exactly at this time, the world of crude oil started falling to pieces, and it fell steadily for ten weeks. None of us can know what next week holds, of course, but at the moment, faith in a deal by which the cartel abides doesn’t exactly seem strong. I’m sticking with my many energy shorts.
