CL sure did bust a move today...to the downside. They smoked the fucker on news that VLO has a refinery down in McKee, TX that typically draws crude from Cushing. Stocks at Cushing were up 900,000 bbls. in yesterday's storage report and are once again approaching the 28 million bbl. record in storage at Cushing set in mid April. Meanwhile Brent is trading 70.75 and the new ICE Mideast sour (Q is front month) is trading more than a dollar over the Q WTI. I am bullish crude, but it's headlines like this refinery snag that you need to be wary of...
that move down on thursday 5/24 was awesome... and it started to come off again today after 10:30 when it made that 6421 low... i'm neither a bull or bear because i'm a super technical trader, so the charts tell me my next move, but i think sometime next week or the week after the july contract is gonna give the ol' 70 a hollaaa...