No floor yet for Oil

It was another rough day for WTIC Oil, settling -$2.41 (-4.6%) @ $50.02 (intra low $49.86). Regardless of the continued wild day to day swings, the broader trend - from June 2014, remains starkly bearish. There remains viable downside to the $35/30 zone into the early summer.


WTIC, monthly2, rainbow

WTIC, daily

Summary

*its late... and I'll keep this short..
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Suffice to say... no clear sign of a turn/floor yet.. not least with no indication that global oil supply is being cut.
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Looking ahead

Wed' will see Fed official Fisher in NYC, speaking (8am) on Monetary policy. 

The only data of note will be US Treasury budget.. but these days.. few care about that.

*Oil traders should be mindful of the latest EIA report at 10.30am... another big increase in inventories would give the market the excuse to knock prices into the 48/47s.
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Goodnight from London