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Today the market traded in a $2.62 range between $57.72 and $55.10 only to close 22 cents lower at $56.09 because the market, on an intra-day basis, has no directions. Other than the geopolitical tensions--today it was Belarus--and the OPEC jawboning that the Jan. 6 commentary already...

From January 6, 2007 I will begin to post my analysis of the crude oil futures market traded on the New York Mercantile Exchange. The posting will be made on an "as-necessary" basis. On Fri., Jan. 5 the crude oil futures market clearly ran into a strong support at $55.00 and closed at $56.31...