If someone were to whack me in the head last month (not saying that anyone should) and send me into a time specific 1-month coma, I would pretty much wake up to a similar oil environment. Headline of the day is still Trump versus……everyone, Iran sanctions are still on, Venezuela is still crumbling. The only new thing is the hurricanes.
One of the best headlines I read this month was “Trump in a tug of war with Trump”. It initially sounded ridiculous but made more sense when I stared deeper into the abyss. The bulls are relying on Trump for a tough stance on Iranian sanctions and devoid 2 million bpd of supply while bears are relying on Trump to continue firing shots at China (and the rest of the world) and dampen oil demand.