MacroVoices #373 Ole Hansen: Commodities Update
Macro Voices
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Crude Oil: A Roller Coaster Day in the Market
Wednesday was a roller coaster day in crude oil markets with WTI almost touching $78 to the upside early in the Asian session. Then at 1030, EIA inventory came in with a great big drawdown of 5.1 million barrels of crude oil. Tape action prices had dropped to fill the OPEC price gap before the data even came out. But that rally failed right at the crucial 100 day moving average and then the market really tanked to trade below 74 spot 30 by the close. Supports below the market are at 73 spot 66 and 72 spot 68. And if the latter doesn't hold, it could be new lows.
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