Trading Plan – Monday 3rd July 2023: Oil rises as Saudi extends production cut

Mark NugentJuly 2023, Trading Plan

Trading Plan – Monday 3rd July 2023: Oil rises as Saudi extends production cut

Good evening traders.

I’ve got a slightly different schedule for you this week. You’ll get videos today, Wednesday and Friday. The Friday video will act as a weekly review. I will also send you the Performance Report for June on Thursday.

I am going to trial this Monday/Wednesday/Friday format for a month or so. I often feel that the early Tuesday video, coming hot on the heels of the Monday video, is a bit sparse. And I’d prefer to just get on with the new week on a Monday and not have to review the prior week, so I will do the weekly review on the Friday. All comments welcome.

The highlights of the week include a rate decision by the Reserve Bank of Australia on Tuesday; the Fed’s FOMC Meeting Minutes and an OPEC+ meeting on Wednesday, and US Non-Farm Payroll on Friday.

Saudi Arabia’s state news agency said the producer will continue its unilateral oil production cut by a further month. WTI is rising.

The markets are quiet now, with the US on holiday as of their lunchtime today and not back until Wednesday.

As always, I go through my trading themes in the video.

I’ll be back on Wednesday.

VIP Club members can see today’s video, all brief trading videos, the Monthly and YTD Performance videos, the Trading Video Course and download the MTM Indicators software HERE