With the huge miss on oil reserves today, I believe we have just about topped out on the price of oil. Demand is dropping, people are not taking vacations this year due to the price of fuel, and now ships are being turned away from ports because there are no empty tanks available to offload oil!
That's all I need to hear and here are my plays today:
XOM Nov18 75p, CVX Nox18 125p and loading up on DRIP to sell Dec 20c's which paid for the puts I bought.
I believe there is going to be a Labor Day surprise and a huge glut by then, increasing until EOY.
Yes, I am early while Big Oil is trading near 52wk highs and the puts are cheap.
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