Locator: 50480MIDEAST.
Over at x, I'm not seeing much from President Trump.
But there's a lot of reporting from the Middle East that the Arab countries are coming under huge missile barrages and drone attacks from Iran, including direct attacks on Saudi's only "lifeline" right now -- their east-west pipeline.
By the way, I think for the first time ever, at least a few more Americans now realize the "Mideast" is not homogeneous. The first binary distinction is "Arab" vs "Persian." And since 1979, the anxiety between the two has only gotten progressively worse.
Some considerations:
- he's giving diplomacy some time; or,
- he's simply biding his time until events make for an easy decision; or,
- he's serious when he said consumers need to find their own oil sources; or,
- he's serious when he says that his objectives have been met,
- he's simply waiting to get the best deal from Iran / his negotiators before saying "mission accomplished."
All scenarios suggest a continued trading range of $90 to $100 WTI.
Without question, he's running out of "extensions." Another extension and we're going to start hearing "rope a dope" analogies.
Mideast oil is predominantly shipped to China, the rest of Asia, and India.
Saudi Arabia has become one of several suppliers of refined products for California.
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Speaking of California
Ticker: SRE -- a new 52-week high -- and with a nice dividend ...
