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Published on Aug 18, 2016
The
WTI Crude Oil market broke higher during the course of the day on
Thursday, as we continue to see quite a bit of bullish pressure. In
fact, we broke above the $48 level and that of course is a large, round,
psychologically significant handle. We have clearly don’t quite a bit
of pressure to the upside in this market and I feel that we are going to
reach towards the $50 level now. The $46 level below should be somewhat
supportive, at least in the meantime. However, I do have questions
about the longer-term viability of this rally, because it is held upon
the idea of less drilling and 2017, but quite frankly I don’t
necessarily think we are going to have the demand to make this move
stick. In the short-term though, we should go higher.
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