Brexit ahoy (*sigh*) ... Oil continues to behave despite OPEC ...

The British Conservatives, led by Wacky Boris, shellacked the opposition and walked away with a majority in the house of commons this week ..

This should mean that they will Get Brexit Done ... but there are a lot of ways that could play out:


(If you enjoyed this Brexit Bookie video from C.G.P Grey ... he has a ton of other content on Youtube, almost all worthwhile.)

But what about the trading the British Pound based on this event? Well:

It was a "binary event" with volatility collapsing after the referendum ... with a Relief Rally and then apparently some second-guessing type selling.

Basically unless they really do a "fake Brexit" I think shorting /6B is probably the right play.

But! Now back to our favorite, /CL:

It was up around 50 cents this past week, still not reaching 60 on any close. So the short 63 calls should be nearing time to close for a profit!

And in this week's other hydrocarbon news:

Chevron is writing down as much as $11 billion worth of assets ...

 Mainly offshore oil and shale natural gas ... 

There's no escape from cheap solar ...

More next week!