Light Sweet Crude
The CL contract found support at the $95 level on a very light trading session for Thursday. The Americans were celebrating Thanksgiving, and as such the volume was very anemic. The $95 remains our support level to follow, and we are willing to be long of this market as long as we can hold above it. The $100 level above should be somewhat resistive, as well as the recent highs just above. We think of this market as a scalping one at the moment, due to the lack of room to move.
Brent was very quiet during the Thanksgiving holiday as traders pushed prices slightly higher. The $105 is our support level at the moment, and as long as we are above it, we prefer to be long of the market as the oil markets have indeed been bullish lately. Headline risks out of Europe could push the market lower as the Dollar gains momentum, and because of that – we consider most trades to be of the short-term variety at the moment.