CL Redux

thanks for the info, Picaso.

the wolfe wave up seems to be complete. if not, i dont see it going much higher than 103.25.

if the wolfe wave indeed is complete, then it should go below 101.22 next few days to eventual target of 100.25-.75.

good luck everyone.
 
You sure that's a squeeze? I thought a squeeze didn't lead to sustained buying. That crude certainly looked manipulated to me... drove it down like mad then bought it up.

I dumped my spread because I thought geopolitical tensions were subsiding. I looked smart over night and then wow what a price to wake up to!

Some suggest it is pipeline reversal. That can't be good for economy.

Quote from ammo:

cl short squeeze
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Quote from InvestVision:

Oil cracks $100 on pipeline reversal news

http://www.marketwatch.com/story/crude-oil-cracks-100-for-first-time-since-june-2011-11-16

More importantly, however, Enbridge also announced it was reversing the pipeline’s flow, immediately lighting up hopes the bottlenecks in Cushing would be eased. The Seaway pipeline would transport about 150,000 barrels of oil a day from Cushing to the Gulf, pending regulatory approval.

“Crude has exploded higher” on the Seaway pipeline reversal news, said in a note to clients Matt Smith, an analyst with Summit Energy.

“This will now aid in alleviating the supply glut, rather than previously exacerbating it,” he added.

Problems in Cushing have been at the heart of record premiums between New York-traded oil and Europe’s benchmark, Brent oil traded in London.

Brent crude futures fell 36 cents, or 0.4%, to $111.40 a barrel on ICE Futures in London.

The surprise announcement means that Canadian oil sands production would be delivered to the Gulf Coast market, competing more directly with Brent barrels, said Tim Evans, an oil analyst with Citi Futures Perspective, in a note to clients.
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V interesting. Would expect that US light goes to somewhere near Brent which is trading at $111.
 
Quote from DonCorleone:

January indeed. good luck all.

btw, i was off by 12 cents. high hit 103.37. :mad: :D

that was a nice shark pattern.
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good call
rasta10.gif


you'll have to show us this shark pattern
 
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