In the absence of further serious military activity in Iraq, which continues to produce and export at full capacity, and with the likelihood that the increasing flow of oil from Libya is for real oil markets continue to retreat.
Yesterday my trading contacts said that despite being a quiet day post the holiday weekend stateside spot prices broke down and Brent for example took out the support levels at $111 and $110.50 closing near the lows. As you know my main worry on the downside is actually not just technical but also that the market is heaving with punters who are long and wrong and for whom this market is not their normal habitat.
When that happens the usual pattern of behaviour is more likely to be a cutting of losses rather than to double the bet, I look forward to seeing the stats about random betting on the oil price as it comes through, Brent is now over $5 off the recent peak you know…
Watch out too for the Natural Gas price which has belatedly started to head towards $4, topping up inventories after the cold winter has held it firmer than many expected but the next month or two will be quite interesting.
Yesterday my trading contacts said that despite being a quiet day post the holiday weekend stateside spot prices broke down and Brent for example took out the support levels at $111 and $110.50 closing near the lows. As you know my main worry on the downside is actually not just technical but also that the market is heaving with punters who are long and wrong and for whom this market is not their normal habitat.
When that happens the usual pattern of behaviour is more likely to be a cutting of losses rather than to double the bet, I look forward to seeing the stats about random betting on the oil price as it comes through, Brent is now over $5 off the recent peak you know…
Watch out too for the Natural Gas price which has belatedly started to head towards $4, topping up inventories after the cold winter has held it firmer than many expected but the next month or two will be quite interesting.
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Gold stable below $2,300 despite mounting fears
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XRP hovers above $0.51 as Ripple motion to strike new expert materials receives SEC response
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Eurozone headline inflation remains stable at 2.4%. With higher energy prices and improving domestic demand, questions about the direction of inflation become louder.