Are You Ready For Some Football???
NFL’s 100th season kicked off Thursday night with the Green Bay Packers playing the Chicago Bears at Chicago. I was sure the Bears were going to win. The Bears were at home, the Packers have a new coach and probably a new offensive play book. It was the Bears game to loss. The Packers started off slow, hang around and that's when I the game shifted and it was Aaron Roger's game to loss...final score Packers 10, Bears 3. So what does this have to do with oil, let me show you.
Welcome to Crude Oil Stadium,
let go down to the field to get a closer look at the game action. The bulls got off to an early lead when price came down to the 4 hr demand zone at $52.60 and drove the ball 80 yards to take a 7-0 lead.
Bloomberg reported earlier that analysts at Commerzbank (DE:CBKG) (0|CBKG}}) had cut its Brent crude forecasts by $5 a barrel to an average of $60 through the end of 2020, while UBS said the worsening demand outlook would push it down as far $55. In addition, Friday’s slide came as the market took cognizance of what was seen as the “shoulder season” for demand – the period between late summer and mid-winter when the need for fuel is typically low.
On the kickoff, the Bears returned the ball without getting tackled and run the ball 92 yards to tie the score up 7-7 going into halftime when price came and left the 4 hr supply zone at $57.90.
What are your thoughts, who is going to win this game in week 1, the Bulls or the Bear?
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Nice analogy and great to see the season start again! This is all about demand and there is no way price can break above with all the tension on trade around! However, watch some of the underwriters of the upcoming Aramco IPO try to prop it up to help the valuation of the biggest IPO of all time...
Yeah, saw something in the news about the Aramco IPO, that will only happen if oil prices aren't depressed.