WallStForMainSt: Oil Market News (Saudis Now Say Production Back Online Faster) Giving Investors Whiplash
The last 4 days have been a crazy flurry of (often conflicting) news in the oil market giving investors whiplash and the symptoms that go with whiplash.
Crazy volatility in oil prices and shares of oil stocks in just the last few days, both up and down, have given, investors, traders and speculators picking only one direction for oil prices and shares of oil companies fits and also probably losses.
High frequency trading (HFT) algorithms are only making things worse and increasing the volatility.
Today, the Saudis are saying that full oil production can be restored in a matter of weeks and not many months. So this conflicts all of the sources and oil expert information and analysis from Saturday through Monday.
1) Why Oil Prices Just Fell 6% https://oilprice.com/Energy/Oil-Prices/Why-Oil-Prices-Just-Fell-6.html
2) Exclusive: Saudi oil output to return faster than first thought - sources https://www.reuters.com/article/us-saudi-aramco-oil-output-exclusive/exclusive-saudi-oil-output-to-return-faster-than-first-thought-sources-idUSKBN1W21NO
3) Saudi Oil Outage Impact Not As Bad As Predicted https://oilprice.com/Energy/Crude-Oil/Saudi-Oil-Outage-Impact-Not-As-Bad-As-Predicted.html
Also, there was a surprise crude oil inventory build today piling onto the bad news for oil longs https://www.zerohedge.com/energy/wti-extends-losses-after-surprise-crude-inventory-build
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