Trading Plan – Monday 7th August 2023: Saudi Arabia, Russia extend production cuts

Mark NugentAug 2023, Trading Plan

Trading Plan – Monday 7th August 2023: Saudi Arabia, Russia extend production cuts

Good afternoon.

Over the weekend, Saudi Arabia and Russia announced an extension their respective oil production cuts until at least September. In addition, the Saudis said they may also deepen their cut. Oil has been on a bit of a run recently, moving from around USD67/bbl at the end of June to USD82/bbl today. Bloomberg economists are saying the price needs to get to USD100/bbl for the Saudis to underpin their projected government expenditure. Today’s price is stuck at resistance. Clearly, any decisive move upwards through resistance would be a strong buy signal.

In general, it’s a quiet week on the calendar. Of most interest is US CPI on Thursday and US PPI on Friday. In the UK, we have Preliminary GDP on Thursday.

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

Note: I will produce videos tomorrow, Wednesday and Thursday, and then I will take two weeks off, returning on Monday 28th August.

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