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Published on 7 Jun 2017
The
WTI Crude Oil market fell apart during the session on Wednesday,
slicing through the $47 level handily after the Crude Oil Inventories
announcement, which was in addition of 3 million barrels as opposed to
the anticipated decline of that same number, which worked against the
idea that OPEC could control the market. After all, if there isn’t much
in the way of demand, supply will continue to be a serious issue, and a
glut of oil is now working against the value of the commodity. I think
the $45 level underneath continues to be a target, and short-term
rallies that show signs of exhaustion between here and the $47 level
should be selling opportunities. Not only do I think we touch the $45
level, but I think it’s probably going to be a situation where we drop
as low as $44 after that.
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