I'm not a futures trader or an oil analyst, but the crude oil advance may be on borrowed time? Hope so!
3:03 EST Anyone have a quote on crude traded on something other than Globex? I realize it is not traded on Globex from 2:30 to 3:15 EST.
Do I really see Crude under $62 this AM. Looks like support is broken ... retest of $58? Or is it $51?
Don't know if that will hold but I'm staying away for now. Seems like oil will be much more influenced by news than technicals now. Monee
Looks like the beast is tamed for a while anyway. Seasonals would suggest a trading range at lower levels for a few months, I think. There are others that know better than I, I'm sure.
I've not posted for months, busy, but on a fundamental basis: - global production running ahead of weakening demand for both crude and distillates; contrary to the confused IEA report, ytd China demand growth very much (more than 50%) below same period last year so a gradual splintering of 'the China story' as the 11th 5-year plan calls for different, more scientific, development priorities; US consumers helping prove that distillates demand is not inelastic, gradual re-ramping of GOM production and refiners, etc. - I'd say that we'll see CL in the 30s sometime next year - If pressed, I'd say JUNE or possibly JULY. - a CL/NG type spread might be interesting through JAN.