WTI CrudeOil Price Gets Slammed:
certainly shows there is a lot of negativities out there, and now it looks like a little follow-through is more likely than not.If we were to break down below the $80 level, things could be interesting as the Americans have stepped out and said that they were going to jump into the market and start “refilling” the Strategic Petroleum Reserve once we reach that level.Having said that, it’s always cheaper to buy votes with somebody else’s money instead of your own.
I don’t know if that puts a floor in this market. We will have to wait and see how the $80 level turns out because there are not enough people out there using oil right now to get excited about it, and if the US dollar continues to strengthen, that of course must be shown on this chart as well. In general, this is a market that I think you fade rallies, at least for the foreseeable future.
has been dropping and the ranges have been shrinking overall as we continue to drift lower. It would take a Herculean effort to turn this market around.
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