Oil resumes the slide

With inventories coming in double what the market had expected, WTIC Oil prices snapped lower, settling -6.1% @ $48.45. Despite the recent climb from the $43s to $54.. the weekly/monthly cycles remain broadly bearish. There remains threat of an eventual key low in the 35/30 zone.


WTIC, monthly'2

WTIC, daily

Summary

With a weekly oil inventory increase of 6 million barrels, the opening declines were built upon... and WTIC Oil quickly lost the somewhat important $50 threshold.

It is notable that we're now just $5 away from breaking a new multi-year low.

*those equity bears seeking a down wave to sp'1920/00 in the near term, should be seeking Oil to unravel... at least to the $40 threshold.
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Looking ahead

Thursday will see the usual jobless claims, intl' trade, and productivity/costs.

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Goodnight from London