Crude bounce.....

well we gapped up today, i think there is room for more of a move up, but ultimately i see it as a counter-trend rally, where we are still stuck in a bear market (short term obviously). I am waiting patiently for the perfect opportunity to get balls long and just hold until it breaks 70........we need a catalyst though. OPEC is planning on cutting production at its meeting in march.......i think oil will see 80 bucks this year without question.
 
Is the nigerian oil crisis the catalyst that will take us back to the high sixties? My guess is no, since OPEC meets and will most likely vote for no production cut because of the unexpected decline in nigerian production. IS this just a counter trend rallY( as i so aptly predicted last week...hah)

What does ET think?
 
We normally see the low in February as we come out of cold winter fears and refineries go into maintenance. The SPR normally wants to be fully stocked at this time before traders start thinking about the summer driving season. If we don't see inventories rise today then crude suddenly becomes very bullish again... In terms of trends I think we're seeing the short term trend starting to pick up the longer term bull trend again... The market has pretty much fully discounted high inventories and is now looking for any reason to get in again... Unless there is some major bearish news out soon I don't expect April to break below $60.
 
Quote from contango:

We normally see the low in February as we come out of cold winter fears and refineries go into maintenance. The SPR normally wants to be fully stocked at this time before traders start thinking about the summer driving season. If we don't see inventories rise today then crude suddenly becomes very bullish again... In terms of trends I think we're seeing the short term trend starting to pick up the longer term bull trend again... The market has pretty much fully discounted high inventories and is now looking for any reason to get in again... Unless there is some major bearish news out soon I don't expect April to break below $60.
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Nice name... 60 is definitely a support, so is 57 area, we break those we may be in for a squeeze further down towards low 50s... Me's a hopin
 
our good buddy Hugo Chavez has been quiet of late....

and OPEC has knocked off the production cut talk as the basket is just above $50....

never a dull moment in Viet Iraq.....

rumor is that the oil in the strategic reserve is being sold forward....naa, cant be ....
 
Quote from Surdo:

It sure seems like a PPT is holding it above $60!

I will take a swing at 58 and change.
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Hmmm... sorta my thoughts there, but maybe the target is 60. Any thing to back it up more than a hunch?
 
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