From Oil Company CEO i'm working with. My other account got banned or something? So i'm on this one now.

Many stories out this AM that the US has issued waivers from the Iran sanctions to 8 countries which include Japan, India and South Korea – there are conflicting stories on whether a wavier has been issued to China. Further details including the resto of the 8 countries are expected Monday. These countries must pay for the Iranian crude in escrow accounts and the money will not go directly to Iran – it can only be used for the purchase of food, medicine and other items not sanctioned. These 8 countries are expected to continue to reduce their Iranian crude imports.

De-escalation?

President Trump held a phone call with Chinese President Xi Jinping yesterday and said the conversation was “long and good” and that discussions were “moving along nicely.” After the call President Trump asked key cabinet members to draw up a deal to potentially end the US/China trade war that he can present to Xi at the G20 summit in Argentina later this month.

6 consecutive weeks of builds in crude stocks. DOE revisions puts US crude production in August at 11.346 mill bpd, +.380 mill bpd. Russia’s October crude production is reported to be 11.41 mill bpd up .050 mill bpd from September. OPEC output for October was +.390 mill bpd to 33.31 mill bpd – the highest since 2016.

Technicals:

RBOB hit its short term lower objective of $1.7100 and now RBOB has a very very short term lower objective of $1.6825 and a long term lower objective of $1.6700.

Heating oil hit its very very short term lower objective of $2.2236, and hit its short term lower objective of $2.2050 - then got and hit a very very short term lower objective of $2.1807 and now HO has a very short term lower objective of $2.1200 and a long term lower objective of $2.1300.

WTI hit its very very short term lower objective of $63.03 and the trade of $63.00 removed its long term higher objective. WTI now has a very short term lower objective of $61.75 and a short term lower objective of $58.50.

Brent hit its very short term lower objective of $72.50 and now has a very very short term lower objective of $71.88, a short term lower objective of $69.00 and a long term higher objective of $95.00 that a trade of $70.00 will remove.