Light Sweet Crude
The CL contract fell on Thursday, but managed to cap losses later in the session. The market looks bullish, but the $100 level seems to be a spot that the market has trouble with at the moment. The action later in the day does suggest that the market is going to make another attempt at breaking out, but that won’t happen until $103. Because of this, we are flat in this market presently.
Brent fell during the Thursday session after breaking the bottom of the shooting star form Wednesday. The market looks like it wants to roll over and fall back down to the bottom of the recent consolidation range in the form of $105. The pair should continue south from here. We like selling rallies under $112.50, and buying once we get close to the $105 level.