Trade Alert
Closing our USO long position at $90.15 for a gain of 22.55%.
WTI reached our target of $75 and was not able to hold. We believe most of the geopolitical risk premium is priced in. However, if tanker flows continue until the end of this week, we will have been early in selling our USO long position. We are fine with missing the last leg.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours.
Long USO position was initiated on Jan 13: https://www.hfir.com/p/trade-alert-long-uso