Phil Flynn
About The Author

Phil Flynn

Phil Flynn is writer of The Energy Report, a daily market commentary discussing oil, the Middle East, American government, economics, and their effects on the world's energies markets, as well as other commodity markets. Contact Mr. Flynn at (888) 264-5665

The Crypto currency craze that has swept the world is now being looked at by Venezulan President Nicolas Maduro as a savior to its economy. The President helped run the Venezuelan economy in into the ground by squandering their oil revenue, and now wants to mortgage his people’s future by taking its last asset, its oil reserves, the largest in the world, to back a new Venezulan crypto currency. Cryptocurrencies agave also been called the currency for murderers and drug dealers, I am just saying.

Of course, while they say it is backed by Venezuela reserves, just how does that work? Do you get a barrel of undeveloped oil every time you buy a currency?  I know that you can’t base it on real production because Maduro and his cronies bankrupted the state-owned oil company and their production is taking along with their current currency the bolivar. I know that when it comes to other cryptocurrencies it is really backed on nothing but maybe that would be better than being backed on fraud and deceit.

Crude is starting off getting a bit of a technical correction. A stronger dollar along with another increase in US rig counts is allowing the market to pullback from resistance. Crude oil longs start the week at an 9-month high as the bullish fundamentals are very clear. Hedge funds raised their WTI net-long position — the difference between bets on a price increase and wagers on a drop — by 15 percent to 396,484 futures and options in the week ended Nov. 28, according to data from the U.S. Commodity Futures Trading Commission. Shorts dropped by 39 percent, while longs advanced 6.5 percent according to Bloomberg.

Our ULTRA sell number on our trade levels was one tick from the high on Friday and while we may see some early downside the trend is still strong. US drillers added 2 oil rigs to 749 according to Baker Hughes bringing the total to 749. That puts oil rigs back to summer of 2015 levels, but we may not see as much oil from those rigs because many of them are drilling on less productive parcels of land.

Natural gas is higher. Winter makes an appearance and the above normal temperatures should get back to normal. Still US production is very strong.
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Phil Flynn

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Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.

The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks. ©2017

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