The Wall Street Journal Just Made a Mess in The Oil Market!

An anonymously-sourced article in the Wall Street Journal took oil prices $5 in the wrong direction today only to see a sharp reversal when the Saudi Oil Minister went on the record to refute the story. Here are three take aways from the mess in oil markets today...

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#oil #OPEC #MelonHead

[mnjG]

Jack your content just gets better and better! Outstanding!

[UrsaMinor]

Russia also came forward and said they would not sell oil to any country with price caps and also said they would cut production if need be. The BRICS and opec are now running the show!

[brianmeyers]

You always do great research. Keep up the good work!

[orianamosca]

Nobody Special, always credible! Thank you for your informative videos. I appreciate the research and effort put into them. Kudos!

[Stash]

I bet hundreds of millions were lost, liquidated and margin calls were flying out. They should be sued.

[digger]

Mabey somebody was trying to create a buying opportunity, and spilled false info to facilitate it.

[Pigofwallstreet]

The news screwed me to cut the loss right away, and now the news was wrong..we talking WSJ!

[Pizza_Pepperoni]

This is a certified Big Melon of a Head moment. Edit: all good now, good job

[pkradgreek]

Not sure how the SEC doesn't file criminal charges for market manipulations for the entities that publish these stories.

[dankiburz]

Should be an investigation to see who was selling short, when the story was published.

[k]

Thank you King Melon Head…very good advice. DONT PANIC

[robertcashman]

That XLE move yday on the news was a quick trip down to the 261.8 fibonacci. Once it hit, they changed the story and Oil and XLE rallied hard from there and didn't look back. Was watching it all in real time, and it felt like the WSJ thing coming out was like being in the Wall Street movie with Michael Douglas.

[ananovo]

XLE in short-term might be an overcrowded trade and it only takes some profit taking/rebalancing/musical chairs to cause a cascade to the 200 day MA again.

[johnhibbs]

WSJ just reported that ELVIS is ALIVE!!!

[anyonymouscube]

Who benefits? Maybe some market makers who wanted to get a better price or manipulate. I mean if we cut oil production till end23 then this is too easy to make money so they go and manipulate and take out some intraday people

[dagsterblaster]

Someone was able to buy oil damn cheap today. Who? They will get delivery. Was it spr??? But would Brandon be that corrupt?

[therealmccoy]

I always thought when they finally pull the big plug 'cause there's just too much fecal matter heading towards a ventilating device, they'll do it on a Holiday - shortened week over the weekend. As Russell Crowe said in "L.A. Confidential: Call it a hunch.

[EverettBurger]

FWIW, Saudi needs oil to be over $80 a barrel to cover the costs of their budget.

[Martmi]

Damn it, I was watching the oil chart live at the low. Was going to buy at $75 on the dot, didn't get to my entry.

[robertjohannes]

This brings the phrase "Sell the rumor, buy the news to my recollection" (or is it the opposite ?).