I am still holding my short position on WTI. My current plan is to wait until Saturday Beijing time to see the situation regarding the agreement between the United States and Iran. If anything goes wrong in the meantime, I might exit at any time. As long as there is a rebound, I will continue to chase the position and go short.

If the progress is smooth and they sign the agreement by Friday, I will continue to hold this short position. Of course, by then it may be close to around 70 dollars, and in that case, adding more wouldn’t make much sense. However, if it remains around 75 dollars, I will enter another position.

I expect the normal price for WTI to be below 65 dollars, so normally if it touches 65 dollars, I will take profits in batches. The current position is slightly awkward; after failing to chase at 80 dollars on Sunday, WTI has been declining. It looks like, unless Iran and the United States cannot reach an agreement, oil prices will likely continue to decline.

I am not certain whether the signing will go smoothly on Saturday. Trump announced today that the 300 billion dollar reconstruction fund is fake, so we will have to wait to see the announcements from both parties after the actual signing to know for sure.

In general, let's wait and see on Saturday.

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