16 September 2019 Monday: Trade Commentary
As news develops on the Saudi oil field attacks, I am monitoring closely this morning. In early reports, President Trump has released strategic oil reserves and the Saudis say they can restore about 2 million barrels to production within 24 hours.
At 9:22AM ET, the DEC19 is trading US$59.54 +4.95. My short DEC19 Crude Oil CALL is trading about .56, down -$500 per option. No doubt I will be exiting the position with a loss on this trade. The question is how much /when?
I will post again today when I have more information. Stay tuned. Iran, at this early hour, says they are not responsible for the drone attacks on the Saudi sites. This story continues to develop. I’ll be posting more today.
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