Hi Kipp, how's that buy panning out, maybe you should have waited as the SP appears to be doing as I predicted. It had already breached .20 and even made a new intraday low. It may well pull back before the close of play but looking like it will close down as predicted earlier in the week...
Oil price Another bad day at the office, particularly for WTI which was hit harder than Brent as Genscape pointed out that stocks at Cushing had reached 90% of capacity. The EIA numbers had actually been better than expected showing a modest draw against forecasts of a 3.2m build but that was soon forgotten. After comments by Igor Sechin at IP week the market is not expecting any help from Russia although this morning prices have rallied as the UAE energy minister has said that Opec is willing to talk, something we all know but actions speak louder than words. This morning has also been helped by comforting GDP figures from Germany which, at 0.3% are in line with expectations for the 4th quarter.
jump but weekly losses and physical excess loom....
"The comments by the UAE oil minister are pushing prices up ...but we're still in a long-term downturn. That hasn't changed," said Hans van Cleef, senior energy economist at ABN AMRO. He said Friday's spike is "an indicator that it's not a one-way price movement anymore ...we will see a period of high volatility." http://www.cnbc.com/2016/02/11/
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