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Published on Sep 27, 2016
The
WTI Crude Oil market fell significantly during the course of the
session on Tuesday, forming a very bearish looking candle. I find this
particularly interesting as we approached the Crude Oil Inventories
announcement today. I think one of the biggest drivers of the negativity
is the fact that the Iranian Oil Minister suggested that there would be
no talk of oil production cut in Algiers this week, as some traders
around the world may have been hoping for. With this being the case, and
the fact that the US dollar is strengthening in general, I believe that
we will continue to go lower and perhaps reach towards the $43 level.
The one caveat being that the inventory number may be a little bit more
bullish than anticipated, but any knee-jerk reaction should end up being
a selling opportunity on signs of exhaustion as well.
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