Oil decline feels a bit long in the tooth

Yes, it does. I'm closing the bulk of my puts at 41.00, this afternoon. 41.81 has held nicely today but is failing into the NYMEX close. I'm going to wait a day and look to open some 43 calls for a bounce, ahead of crude futures options expiration on Tuesday.

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Closed my major position in puts at 40.50 this morning. Still have some 40 puts. Will sit in those and see where we go from here. I believe sub-40 will be psychologically hard to swallow given the current generally bullish sentiment that central banks will save the world and US is doing just fine..