Oil price selling today is due to strengthening dollar and higher than expected oil inventory data. Valero energy earning disappointment triggered more selling pressure.
ung probably is about time to rebound. Majority times, players in Wall Streets long oil and short natural gas as a hedge. Now oil forms a downtrend. These players may soon play the other way around. I mean they start to position long in natural gas and short oil. Another way your friend may play is to write cover calls.
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