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Crude Oil has been the weakest asset out of any in the world for 2015, and that weakness seems to be continuing. I’m watching the $40 level on the front month, since that represents the low for the year, and we’ve got a pretty bearish pattern above it. This evening and tomorrow morning are the regular weekly reports on crude inventory, and that might just do the trick.
Today was an odd combination of boring and annoying, but I managed to eke out a small profit by day’s end. The centerpiece of the lunacy early on was crude oil, which I was excitedly watching crumble last night. In the early morning hours, I glanced at my iPad, and I had a total WTF moment when I saw crude was rocketing higher based on the fact Saudi Arabia, which apparently has joined the rest of the world in believing descending markets should be forbidden, stated they would do everything in their power to reverse oil’s price slide (see arrow mark). Most of that gain unraveled not long after, but then crude gyrated aimlessly the entire day. Oil’s muddy water is even less clear now.
Huzzah, baby.
A couple of weeks ago, for no particular reason, I made an off-the-cuff musing on my Tastytrade show about the prospect, years from now, of the giant oil companies being dragged in front of some kind of world court, being called to account (and pay for) all the damage they have done to the world’s climate. Again, I’m not sure what possessed me to say something so random, but I was naturally struck when I saw these headlines this evening:
