WTI Update

Okay, the Saudis did cut. I must confess that I underestimated His Royal Highness's ability to surprise. That leaves us with a possible gap on Monday. Given the market pressures and the fact that the previous cut was ineffective in sustaining the price, the gap is unlikely to be as large as in April.

The gap is, most likely, wave 3 of (c) of the first wave up in the leading diagonal. There is still a chance that wave (ii) will close the gap, as shown on the chart.

MBS, you did an excellent job. I am not as long as I could have been.

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