Down goes oil.

Yes sir and making money both ways! Even us peons get lucky every now and then.

Yep. 'The sky is falling' crowd will now disappear from this thread, as oil drifts lower throughout the week.

We've likely already deployed anti-drone weapons systems such as the LMADIS to protect oil fields in the area. The USS Boxer used the LMADIS system to take down an Iranian drone earlier this summer.

So oil shot up ~15%, then went down ~5% today. It’s still up ~10% over Friday. ’m willing to bet that over the next month it stays at this level, if not drift a bit higher.

I'll take the other side of that bet.

Floating storage hit a 2 year high in May and oil futures are currently in backwardation. Backwardation is NOT a normal state for futures and portends a price drop on the spot markets. Floating storage is a technique used by speculators to profit when oil's in (normal) contango. So that floating storage is going to shrink significantly until oil goes back to contango.

Not to mention that there's a huge worldwide oil supply glut. And we're now in the time of the year when oil demand decreases - summer is the high demand time.

WTI price at close today was less than $1/bbl higher than its close 8 days earlier, on 9 Sept.

Sky ain’t falling...

Anybody else here think Iran was lured into a trap?

No. Iran's government's been aggressive in the region for quite a while now.
The drone and missile debris are of Iranian origin.

Is that confirmed from our intelligence? Like the same intelligence confirmation of WMD’s in Iraq right?

Yep...just asked the people that got gassed. :eek:

badflaps - no....I don't think Iran lured into a trap.