Oil down more than $2 on the day
WTI touched a six-year high of $76.98 today but it’s been a bruising turnaround since, falling $4 from the best levels of the day.
With the drop, that puts a big three-day reversal top on the chart and an outside day.
I wonder if producers are trying to put on hedges as the start a new quarter and get ready to report on Q2. At $73, many of them are producing extremely high free cash flow and share prices don’t reflect that.
On the fundamental side, there’s the usual speculation about profit taking and worries about OPEC+ fractures but there’s nothing in terms of news on that front.