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Scott Nations Weighs In On Crude Oil

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Scott Nations Weighs In On Crude Oil

On CNBC's "Futures Outlook," Scott Nations said that crude oil traded 5% higher on Thursday, largely because OPEC plus has decided on a really minuscule increase of production. The market expected an increase of million barrels and 1.5 million was a possibility, while the OPEC plus increased production by only 150.000 barrels, explained Nations.

He expects the Saudis to increase the production by a million barrels on their own in May so he thinks the move is overdone. If he wanted to trade crude oil he would sell the April contract at $63. His target price would be $61.50 and he would place a stop loss at $63.50. At those levels, he is risking $500 to make $1,500.

 

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Posted-In: CNBC Futures Outlook Scott NationsFutures Commodities Markets Media

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