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Published on 28 Dec 2016
The
WTI Crude Oil market had a volatile session during the session on
Wednesday, as we await the Crude Oil Inventories announcement coming out
today, which of course has quite a bit of influence on where this
market goes next. I recognize that the $55 level above offers quite a
bit of resistance, so it’s not until we break above their that I feel
comfortable buying. On the other hand, I believe that any breakdown at
this point will at best drop to the $52 level. Longer-term, it’s no
secret that I think that the oversupply will become an issue again, but
currently it seems as if the buyers are in control and it is almost
impossible to short this market for any real length of time.
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