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WTI Crude Algos Run Stops To FOMC Cliff At $37
From $35.35 lows (in Feb contract) on Monday, WTI crude has extended its overnight post-API inventory gains, pressing up to $37, running the stops to last week's FOMC meeting moves. Let's just hope DOE does not disappoint (and don't forget to look at Cuhsing storage getting full).
Can it continue? Who knows... well one person does...
Gartman: "we are more and more convinced that we’ve seen the lows in crude and we do not make that statement lightly."
Trade accordingly!
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I predict the daily rate for tanker ships will rise. Not for transporting oil but for storing it.
We need storage....and we need it bad!
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Looks like they got it above 36.27 close yesterday at 5:15. I would say the Draw is from all the extra fuel for christmas, and company's, end of year deliveries to use up their budgets.
Gartman (is he the Southpark guy?) says we've seen the lows? $30/B here we come.