Oil gapped down significantly and broke thru $59.30 for second time. Heading down to $57-58 barrel. Weather temps in the South are setting record highs for early November which is sharply cutting demand for heat energy in temps are low enough to switch off a/c demand in the hottest part of the day. We are still wearing thin shirts at a time when lows could be near freezing. I would avoid oil shares at this time although I like FAR (Eagle) and NWE (Magnolia).
Expect the energy complex to head lower as the unseasonally warm weather continues and supply continues to build.
