Monday, September 30, 2013

Oil Continues decline, Approaches Psychologically Important $101.13 Level

Just kidding about the psychologically important bit. Oil is going down because there is a lot of it around.
Here's today's action, note the gap just after 5 a.m. Sept. 28:
The low over the past 24 hours has been $101.16 and if I were a betting man I'd wager that we fill or at least enter the gap before resuming the downtrend and going through that big fat round number, $101.37 last.

Oil: "WTI heading for its third weekly decline in a row"
See also Sept 24's  "What an Iranian olive branch could mean for oil" (Kaminska wins):
...Today WTI settled at $103.13 and Brent at $108.64. We would be willing to entertain prop bets at $90 and $95 respectively.