Crude is generally quite weak on a seasonal basis through to early december. Looking at the commercial activity, the smart money continues to favor the long side and is buying into price weakness.
The majority of public activity has been to the short side which suggest a rally is imiminent. Open interest is also at a low level suggesting people are loosing interest in the market, which is precisely when markets tend to rally. From my early view where i posted Oil will retrace from the $70 price channel and will correct, the correction is almost complete. I believe we are close to the bottom of oil for the time being give or take a week or so.
HDR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
