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Why Is Scott Nations Bearish On Crude Oil

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Why Is Scott Nations Bearish On Crude Oil

On CNBC's "Futures Outlook," Scott Nations gave a bearish view on crude oil. He said it recently moved higher because investors think Americans are going to start travel again. He sees that as optimistic and he thinks it won't happen before February.

Nations believes crude oil is going to pull back and if that happens, he is going to sell the January contract. He would sell it if it drops to $41.90, with a stop loss at $43.50. His target price is at $38. If crude oil drops to $38, Nations is going to make $3,900. He is hoping his stop loss is going to limit his loss to $1,600.

 

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