5.80 anyone?MEG seems to find some support around 5.80 over the past few months.
maybe we get there today and maybe not, hard to say but it's trending back down because of wall street scare tactics from energy analysts.
the analysts are saying to expect a big build next week as the storm abates but even if we get a surplus it won't near 14 billion in oil and 4.5 million in gas and the us might start to slow down a little in imports becasue of fall maintenance coming up later in september and october.
i think there are still disruptions in the gulf which could swing the numbers into draws even for this week, and possible more storms on the horizon, I think 5.80 is a good entry point for me.
keep an eye on 5.80 for today but save some powder for monday because that might also be a bad volatile day and a good buying opportunity.
GLTA and DYODD