Daily Alert – Wednesday 1st September: Risk-on as OPEC+ meets

Mark NugentDaily Alert, Sept 2021

Daily Alert – Wednesday 1st September: Risk-on as OPEC+ meets

Good morning traders. I’ve had a good break and am now looking forward to the new month and trading what the markets have to offer us.

Risk sentiment has been positive so far this week. Most oil and natural gas production have halted in the Gulf of Mexico due to Hurricane Ida. Covid is still causing gnashing of teeth as the EU approve fresh restrictions on US travellers and the US raise the travel alert status for Germany and Canada. The US 20-year mission in Afghanistan comes to an ignominious end.

Equities are slightly up on the week. Oil is flat, holding last week’s gains. The JPY and USD are down, in line with the sentiment. The US 10Y yield is up.

I closed last week’s WTI long on Friday night for a gain of 5.27 percent on a risk of 1 percent. I am watching WTI closely for an excursion from its current tight range as OPEC+ meet later today.

I’ll be back tomorrow.

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