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Published on Aug 25, 2016
The
WTI market rose during the course of the day on Thursday, but as you
can see we ran into quite a bit of volatility. I think we are trying to
find some type of floor in the $46 region, and as a result I think a
bounce could be coming. However, I believe that longer-term this is a
negative market just waiting to happen. After all, we did rally far too
strong based upon the idea of less drilling next year. However, nobody
is questioning whether or not there is going to be more demand. The
meantime though, I believe that a break above the top of this candle is a
buying opportunity, at least until we get to the $49 level.
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