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Futures and options broker, Carley Garner, spoke with Abigail Doolittle of Bloomberg Television about the WTI crude oil market, volatility, seasonality, and how to play the upside with a limited-risk option spread.
OPEC+ is right; the recent crude oil sell-off can be attributed to speculators. However, the critical point they are leaving out of their narrative is that speculators incorrectly priced the impact of OPEC+ supply cuts and later erroneously bid the price of oil higher in anticipation of Middle East supply disruptions. The liquidation of those positions by bullish speculators drove prices lower, not speculative short selling.