Iranian Oil Thriller

It’s close to midnight and something’s selling oil in the dark. Under the moonlight, you see a drop that almost Stops Your Heart. You Try to Scream, but the computer takes the trade before you change It. You Start to scream, as oil sells hard right before your eyes. You’re Paralyzed! Cause this is a thriller. Iran Sanction fight. And Saudi oil is not gonna save you. Oil is going to spike because it’s a Thriller night. Bears will be fighting for their life. Inside a kill thriller sanctions fight. They’re Out to Get them. Oil supplies will dry up on every side. They will possess you unless you Change Your bearish trading style. Now Is the Time for you and me to start to buy my dear. All Thru the Night, It’ll Save You from the Terror on the Screen, I’ll Make You See.

October was downright scary. We had ghosts of stock market crashes past as well as some amazing moves. Oil in some sense bought into fear of an economic slowdown because the stock market gyrated like Linda Blair’s head in the movie the Exorcist. Yet, despite those fears and terrors of a slowdown, the oil demand remains incredible, ahead of oil sanctions on Iran that are going to tighten supply even further. While the oil market is acting like the impact from the sanctions is priced, get ready for the bulls to rise from the grave and scare the sanctions out of the bears. The spooky October selloff in oil may be over after price bounced off the 200-day moving average and the American Petroleum Institute reported a scary drop in both gasoline and distillate supply. Refiners are not building supply as the market is sucking down supply like a blood-sucking vampire. The API reported that distillate supply dropped further below average, falling by 3.1 million barrels.  Even gasoline supply fell by 3.5 million barrels! Shriek!  Thank goodness that crude supply increased by 5.69 million barrels because based on demand we are going to need every barrel of that and then some.