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Middle Tennessee | I'm a couple miles from Dollywood in a hotel, so I can watch cable TV for a bit. (We brought our own hotspot for gaming, and a TV, and a PS4 for junior and his buddy. So I can go play a tournament tomorrow in Cherokee NC).
In other words, I'm a bit spacey, but couldn't help notice the oil commentary on the usual-suspect news networks. Everyone is emphasizing Saudi production targets in explaining the speed and severity of the oil decline. I keep yelling at the TV, 'the only reason it traded above 75 is because of the reimposition of Iranian sanctions!' I swear someone could probably find a post from me on NAT saying someone could try shorting at 60 not so many weeks ago. Anyway it appeared that funds ran away with the idea of the sanctions, and then at the last minute US awarded some high-impact waivers.
It was sanctions that drove the rally, and the decline is just a retrace of risks to sanctions effectiveness, like increased production from elsewhere, and circumvention of the sanctions.
So just a tangent rant I guess. Anyhoo, that bean harvest deal many of you guys have dealt shaped up to cause way more misery than I was acknowledging. I see media reports everywhere about how widespread the losses have been. Thanks to those of you who have posted on how tough it's been, I should have been more attentive. I sure hope you guys get a break and soon. And Happy Thanksgiving! | |
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Oil in the News (not political I promise)
