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Events Trump Market Fundamentals

In a fine example of geopolitical events trumping economic fundamentals, NYMEX front month WTI crude oil has jumped some $8 since Friday, despiteĀ  being "glutted, in serious oversupply" and a "very wide and deep glut of gasoline supply" according to the Lundberg Survey.

I have closed out my short oil position at a small loss. Will revisit this theme when things settle down.