(Guest) PauloMacro Turns Bullish On Oil
Editor’s Note: PauloMacro, a great friend of mine and a hell of a trader, recently posted one of the best oil notes I’ve seen to date. He was kind enough to share with us his thoughts and why he’s turning bullish on oil. If you have not subscribed to him, please do. Thank you Paulo!
By: PauloMacro
I have begun accumulating a significant position in oil. I believe a bullish trend has begun that will run for many quarters or years. Today I want to elaborate on why I think oil has turned a very big corner for an upside run, and how I am thinking about best ways to express this view in the context of risk management and limiting downside.
Consensus into the New Year
Positioning Has Reflected a Bearish Extreme
Physical Market Does Not Confirm the Bear
Fundamentals — Supply & Demand
What About Spare Capacity?
The Optimal Expression