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Published on 24 Feb 2017
The
WTI Crude Oil market fell during the day on Friday as we continue to
see a significant amount of volatility just below the $55 level. Even
though the markets got a better than expected inventory number this
week, the reality is that we are still seeing the inventories grow, and
that of course continues to put a bit of weight upon the market. The $55
level has been massively resistive to begin with, so having said that I
think if we can break above there, the market will then reach towards
the $60 handle. However, in the meantime I think we are very likely to
find sellers jump in. If we can break down below the $53.50 level, the
market could continue to go much lower. Longer-term, I believe in the
selling story but right now I think it’s still a bit early.
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