Thursday, 22 October 2015

WTIC Oil update

With the latest EIA inventory report showing a net weekly surplus of 8.0 million barrels, WTIC oil prices remained on the slide, settling -$0.72 (1.6%) @ $45.20. Near term outlook is uncertain, as the underlying problem of too much supply has not been addressed in any significant way.

WTIC, daily

WTIC, weekly2


Suffice to say.. the bigger weekly charts are flashing warning signs again, with a red candle. If the week closes red, then it bodes for a problem for the oil bulls into Nov', and that sure won't help the broader US equity market.

So, lets see how Oil trades across Thurs/Friday.  Oil bulls really should be desperate to see a weekly close at least in the $46s.

Update from Riley


Looking ahead

Thursday will see the usual weekly jobs, house price index, existing home sales, and leading indicators.

*far more important though.. ECB announcement/press conf'.

Goodnight from London