The Macro Brief: Oil Falls Below $80 - Traders Dumbfounded
Where Markets Meet Macro
Traders seem dumbfounded that oil just had its worst week in seven months, falling $7/bbl.
My question is: why? Whether you want to believe in the stagflation or geopolitical narrative, I'm sorry, but that would be the wrong way to approach oil.
WTI crude closed at $77.99 to end the week and within the price range I forecasted almost two weeks ago despite “experts” calling for $100-150/bbl on the WWIII circle jerk circuit.
Below, I'll go over market positioning and trade ranges. If you have not upgraded yet, please do! $15/mo. or $140/annually. $375 Founders membership gets you lifetime access plus exclusive monthly content and direct access via DMs.