RE:Re oil price going forward. No one knows. Fundamentals like I think the algos are heavily probability based and influenced a lot by historical price movements. The rise in the price of CPG over the last few days is likely weighing it down today. If price of oil hovers around here or goes a bit higher by Friday, watch for another 25 to 35 cent pop tomorrow or Friday.
drunk@noon wrote: inventory draws are ignored. Stellar US job numbers are ignored. The algo's (NY J's )control the narrative and they always seem to make money by driving it through the floorboards, with twisted reasons they feed to the parade of CNBC stooges. i.e week before last US inventories went up, after week after week of hudge draws, so despite fantastic employment numbers coming out during the week, they yapped about gasoline demand destrucition and used that as a reason to tank the price. So alas, when the Isrleel J's ' stop slaughtering thousands of palestinians to hopefully kill a few hundred terrorrists and things die down without Iran lobbing missles into downtown tel aviv the payback for the terrorrist attack will be over (so-called war) and the algo's they will declare the war premium over for the price of oil and voila a 10-12 dollar drop--and the price goes where they want it.
This is a bad day for CPG as oil is up another 2 dollars and we're struggling to maintain a 6 cent gain.
Follow the XOP as if it doesn't go up when oil goes up,, like a few weeks ago, oil will tank as it did when it dropped from 90 dollars plus to, what, 82 dollars in a couple of days despite two weeks of hudge US inventory draws and record chinese buying. Whap down 8 bucks. I am long oil stocks so I always asume the worse, and when it comes to oill I am seldom disappointed.