With the US elections gone, the Israeli elections in January and stronger support for Hamas in neighbouring countries than it used to be, it doesn't look like it's about to cool down.
i would be very nervous about shortin CL at these levels with the recent events and with the fact that the market is very oversold right now (yes it can always go lower)
So would I, I was eyeing to enter long CL after US elections, expecting more middle east turmoil, but afraid of the seasonnal bearishness of CL at this time of the year. Entered yesterday anyway, slightly underwater now, but I'm a bit surprised at the action yesterday - and not familiar with CL. Does it have much to do with worries over world economies prevailing over middle east threats ?
it's a combination of that and worries over the fiscal cliff and how that would negatively affect growth (i.e. demand for CL) if the fighting in the ME escalates we could easily see CL up a few dollars on that alone - remember ME fighting can and often does spread to other areas outside the ones initially fighting each other