WTI crude oil futures approached a technical tipping point yesterday as they rallied into a near-term, downtrend resistance level. Where futures close today will be important for the near-term direction of energy prices.
It was brought to our attention by our friend Myra Saefong at MarketWatch.com that the EIA noted the production number in Wednesday’s weekly inventory report incorporated “re-benchmarking,” and apparently skewed the figures in the release. Here are a few thoughts on the subject. An imbalance showed up between the monthly and weekly production data, and[…]
Three Keys to an Oil Bottom Oil is up more than 20% from last week’s lows, and the “this is the bottom” crowd is growing larger. We have harped on the fact that a bottom in oil is key to a rally in stocks, so we want to clearly spell out what events could occur[…]