Still 2-5 days too early for a crude bottom, imo. Related, I will consider OIH long in the 118-120 range. last = 124.85
Wasn't there some talk from OPEC that they would only consider trimming prodution if crude fell below 60?
BTW, another observation is that this has had a minor bounce in the mornings lots of days here recently during the selloff. But they sold into every rally attempt. So if you're going long as a swing trade better be careful IMHO. Good luck with your trades everyone.
It has been fun riding this one down but now I'm out again... Can't see that there's much more stop fishing to be had. OPEC looking to give the market a floor and there "should" be heavy spec buying today on any less of a draw than 2mil in crude and gas.
How long do you think the President of Iran and all the other oil producing nations are going to sit quietly and accept billions of dollars less for their oil than they did last month???? Aminjad(whatever the spelling) has a knack for jawboning the markets to his advantage.... maybe he says BOO today.
10:30 EST http://www.marketwatch.com/news/story/Story.aspx?guid={3BF2D9D1-CC08-428C-B073-5CF48ABAEA2E}&siteid= Obviously if there's a greater supply than expected this could sell off more. Stay tuned.
U.S. crude supplies fall, but gasoline, distillate inventories rise http://www.marketwatch.com/news/story/Story.aspx?guid={3BF2D9D1-CC08-428C-B073-5CF48ABAEA2E}&siteid=