Someone asked if the short position is too aggressive, since the Iran negotiations team has all left the table, and why the US stock market opens and oil prices continue to fall.


Take a closer look, the funding rate is still positive, so the bullish traders are more aggressive in speculating on the news, and the bears are not in a hurry to short.
The decline is mainly because there is too much inventory oil in the Gulf that hasn't been shipped out, and whenever someone pulls the market up, oil companies quickly sell a wave of futures for hedging.
So the decline coincides exactly with the US stock market opening on Sunday.
Ships arriving a few days late don't affect their ability to see good prices, so they sell August futures first, as long as the oil can be delivered before August.
Remember, oil is just not coming out, not that production has stopped; in these days, more ships are entering than leaving because there's no storage space inside, and floating storage is urgently needed.
Oil that hasn't been sold in the past 100 days will eventually have to be sold in the future.
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