OPEC+ has agreed to increase oil output by 188,000 barrels per day starting in August. Two sources told Reuters. Your technical indicators did not predict this. Your support levels will not save you.
The number is 188,000. Not 200,000, which would be round and imply they gave a sh*t about your comprehension. Not 150,000, which would suggest caution. They landed on 188,000 barrels per day because the exact figure makes it sound like they did math, when really they just needed a number that would make Bloomberg terminals light up and send day traders into their usual panic-refresh cycle.
This is the oil-producing cartel that controls supply like a divorced dad controls the thermostat. They turn the knob a quarter-inch and every futures trader in New Jersey starts re-reading their Investopedia bookmark on contango. The sources were anonymous, naturally, because no one wants their name attached to information this boring delivered this late. August is next month. You have weeks to convince yourself this changes anything about your portfolio.
Retail traders will now spend forty hours on Reddit doing napkin math on what 188,000 barrels per day means for their USO calls. They will factor in demand projections, refinery capacity, seasonal adjustments, and geopolitical risk premiums. They will build a model. They will feel smart. The model will be wrong because OPEC+ will announce another adjustment in September and the whole f*cking cycle starts over.
The chart you drew last week with the triple-confirmed breakout and the bull flag? It just became wallpaper. OPEC+ does not care about your trendlines. They do not care about your cost basis. They pump what they want, when they want, and your stop-loss is their entertainment.
But sure, keep trading the news.
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