CEO Review: So, the beginning of the year was all about the range-bound trade for Brent futures. We banged on about this on our podcast, our trade ideas and certainly in our research. We suggested selling the strangle concept, or if you didn’t have access to options then simply selling at the top of the range of around $80 to $81.00/bbl and buying $75 to $76/bbl. Yes, this would have worked very well, but undeniably this looked into shaky ground when the geopolitical tension boiled over from Israel-Palestine to genuine concerns there could be a conflict between the US and Iran, with echoes of 2019 and Jamie Bolton’s cry for war. Anytime Iran and the US butt heads there is something quite believable about this escalating into a material impact on the oil world, so it would have been a diamond hands/ultimate stoic to maintain a short option position during this time.
