hourly looks like crap. 5min couldnt hold a close below 91.06, with just long tails pointing down... see if it gives some boost up.. I imagine CL could react suddenly and violently to any kind of news in the middle east right now. Lots of fingers on the trigger and eyes on the TV I would guess.
well took another 1 position long at 91... 20 points stop edit sl @ 91.01 (comission free trade edit and stopped out .. ahhh well screw counter trending trades ... edit: especially giving the fact my TP target was missed by 1 point ...
According to Aljazeera, Mubarak is scheduled to speak shortly. Nevertheless, it seems to be a foregone conclusion that his days are finished. I wonder if this so-called Twitter revolution will reverberate to other Arab countries. Saudi Arabia will be a powder keg with all the oil underneath.
http://www.marketwatch.com/story/oi...ady-ahead-of-us-oil-inventory-data-2011-02-02 Feb. 2, 2011, 2:38 a.m. EST OIL FUTURES: Crude Relatively Steady Ahead Of US Oil Inventory Data By Wayne Ma SINGAPORE (MarketWatch) -- Crude-oil futures were relatively steady in Wednesday, extending losses from U.S. trading hours in the Asian afternoon amid easing political tensions in the Middle East and the unwinding of bets ahead of U.S. oil inventory data due later today. Jordan's King Abdullah II dismissed his government and named a new prime minister, who he said would be responsible for enacting "true" political reforms, while Egyptian President Hosni Mubarak said he would step down from power after his term expires this fall. "The likelihood of an increase in violence (in Egypt) was looking distant," Peter Beutel, president of Cameron Hanover, said in a note to subscribers. "That helped to bring down the interest in buying oil as a safe haven, at least in the U.S." But there was still some room increases as markets opened in Europe, when prices ticked upward. On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at $90.83 a barrel at 0721 GMT, up $0.06 in the Globex electronic session. March Brent crude on London's ICE Futures exchange fell $0.06 to $101.68 a barrel. Meanwhile, crude inventories are estimated to have risen by 2.6 million barrels in the week to Jan. 28, according to the average from 13 analysts polled by Dow Jones Newswires. Gasoline inventories could rise by 1.8 million barrels, while distillates--which include heating oil and diesel--are estimated to have fallen by 1.1 million barrels. Nymex crude could reach $95 a barrel in the near future based on macroeconomic fundamentals, Jim Ritterbusch, president of Ritterbusch & Associates, said in a note to subscribers. "We are still inclined to view the exceptional strength in the stock market and (Tuesday's) 2.5-month highs in the euro versus dollar as latent bullish considerations," he said. "This macroeconomic factor could keep WTI crude values well-supported even if the Egyptian situation begins to stabilize." Investors will be focused on U.S. jobs data throughout the rest of the week, which include the ADP employment report, jobless claims and the monthly employment situation, Ritterbusch said. Nymex reformulated gasoline blendstock for March--the benchmark gasoline contract--fell 59 points to $2.5135 a gallon, while March heating oil traded at $2.7576, 6 points higher. ICE gasoil for February changed hands at $849.75 a metric ton, up $3.50 from Tuesday's settlement. Copyright © 2011 MarketWatch, Inc. All rights reserved.