Daily Alert – Thursday 12th August 2021: Biden asks OPEC to pump more oil

Mark NugentAugust 2021, Daily Alert

Daily Alert – Thursday 12th August 2021: Biden asks OPEC to pump more oil

Yesterday, US President Joe Biden asked OPEC+ to pump more oil, stressing the importance of “affordable energy”. This caused WTI to spike down intraday which would normally have killed my WTI long trade placed on Tuesday night. However, as I explained, I am using a much bigger stop loss on this trade to allow me to withstand volatility. The trade survived and is now in the money after fully recovering from the reaction to Biden’s comments.

The recent bullishness in the US, based on economic data and Fed-speak, took a knock as Core CPI missed expectations to the downside.

US equities remain subdued. Oil is on the rise. GOLD has almost fully recovered from Monday’s flash crash. The JPY/commodity currency axis is unclear due to the lack of strong sentiment. The EUR just keeps falling, the USD is just up on the week and the GBP is flat.

There is little remaining on the calendar to move the market.

I will be taking some time off over the next few weeks. I’ll write to you tomorrow with the details.

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