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Published on 29 Dec 2016
The
WTI Crude Oil market rallied on Thursday, but found enough resistance
above the turn around to form a bit of a shooting star. This happened on
Wednesday as well, so it looks like we may be trying to rollover a
little bit. The Crude Oil Inventories announcement came out much more
bearish than anticipated, although I am the first to admit that the
reaction was mild to say the least. I think a lot of the pullback comes
more to the fact that liquidity is drying up as we are heading into the
New Year’s Day celebrations, so short-term selling might be possible,
but that’s about as exciting as this market is going to get. If we can
break above the $55 level, the market should then go to the $60 level. A
breakdown from here should send the market down to the $52 level next.
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