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Published on Aug 30, 2016
The
WTI Crude L market initially tried to rally during the day on Tuesday
but turn right back around to fall towards the $46 level. With the Crude
Oil Inventories number coming out today, it’s likely that we will get
quite a bit of volatility. Break down below that level tells me that the
market is probably going to start reaching towards the $45 handle. On
the other hand, if we can break above the top of the range for the day
on Tuesday, I feel that the market will then approach $50. This is one
of those times when the market seems to be ready to make a decision, so
whatever happens next, I’ll be following.
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