Saturday night, and the market’s pretty quiet, so I finally got a chance to go over the week’s big stories 👀
Before Friday’s close, Trump announced a diesel supply deal with Putin: 300,000 tonnes arriving in October, followed by 500,000 tonnes in November. The Treasury Department’s OFAC issued a temporary license, valid through April 2027. U.S. diesel futures briefly fell nearly 5% intraday, dragging WTI down to test $90 before it recovered, closing around $91.85. A pretty direct way to push oil prices down ahead of the midterms.
The three big storage names got hammered by over 4% on Thursday, then each rebounded about 2% in premarket trading Friday. Thursday’s sell-off came after OpenAI revenue missed expectations and Samsung gave a weak outlook. On Friday, oil prices pulled back, and several firms said concerns about excess capacity had been overblown. After falling that much, a bounce was only natural.
One on-chain move worth noting: miner MARA transferred 996 $BTC to Galaxy Digital on Friday, worth about $81 million. No one knows yet whether it was sold.
Next week, first thing to watch is whether WTI can hold above $90. Not watching the market tonight—time to sleep 😴
#BTC #MarketAnalysis
Before Friday’s close, Trump announced a diesel supply deal with Putin: 300,000 tonnes arriving in October, followed by 500,000 tonnes in November. The Treasury Department’s OFAC issued a temporary license, valid through April 2027. U.S. diesel futures briefly fell nearly 5% intraday, dragging WTI down to test $90 before it recovered, closing around $91.85. A pretty direct way to push oil prices down ahead of the midterms.
The three big storage names got hammered by over 4% on Thursday, then each rebounded about 2% in premarket trading Friday. Thursday’s sell-off came after OpenAI revenue missed expectations and Samsung gave a weak outlook. On Friday, oil prices pulled back, and several firms said concerns about excess capacity had been overblown. After falling that much, a bounce was only natural.
One on-chain move worth noting: miner MARA transferred 996 $BTC to Galaxy Digital on Friday, worth about $81 million. No one knows yet whether it was sold.
Next week, first thing to watch is whether WTI can hold above $90. Not watching the market tonight—time to sleep 😴
#BTC #MarketAnalysis