-
Published on 30 Jan 2017
The
petroleum markets were a bit mixed during the day, as we had initially
rallied but then turned back around to fall. This was true and not only
the WTI market, but also the Brent market. There is a gap below that
should continue to offer support, extending down to the $51.50 level.
Ultimately, this market is consolidating overall, but I think that
eventually we will start to see selling pressure pick up. Currently, I
believe that the market will continue to bounce around between the $50
level on the bottom, and the $55 level above. Until we can break out of
that range, I think it’s going to be a lot of short-term choppiness
ahead, but I believe that the oversupply is eventually going to get in
the way of the buyers.
No comments:
Post a Comment