well oil got crushed today, we aer still in the midst of a short term bear mkt. Got short at the beginning of the day (monday), expect a drop below 60 bucks in WTI and Brent by the end of the week. we could see 57 soon again. The saudi news looked like panic short covering to me. Barring a crazy inventory number or further attacks, the trend remains bearish in the short term. I would definintely start selling puts in the next few weeks though, as energytraderus suggests.
pffftt.. i doubt it I wouldnt be suprised if we go blow 60 in the coming week. The Iran issue is cooling off and the fundamenals will really hurt current prices.
No where do I find this prediction. Please post a reference substantiating this post. There is a big difference in predicting "rain" sometime in the future and predicting "rain tomorrow afternoon around 3pm".
1)Oil has disappeared from media, sentiment is cooling down 2)MACD bull divergence in small trading range, breakout anticipated 3)EUR/USD is bullish, a break of 1.2350 would signal a bottom, which would be bullish for commodities. 4)Iranian oil bourse starts trading on March. 20th So oil will go up in the near term, in fact, I'll prolly be buying some oil/oil stocks in my real money portfolio on Monday. The reason I don't like to give out too many reasons, is I don't want others to copy me .