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Crude gains $0.37

Posted on: June 27, 2017

The losses experienced mid-last week were further pacified on Monday (settling upwards to $43.38) and granted market participants the much needed chance to take a breather and compose their thoughts. OPEC has held some discussion in Vienna on how to deal with the production cap excluded members Libya and Nigeria but they are running short on options; If a Middle East energy minister makes a statement they will “do whatever it takes” to rebalance the global markets it simply doesn’t instill the same exuberance and excitement.

The contrarians would cite the abundance of negative headlines as a perfect time to take a long position in addition to the 5 day moving average making a bullish crossover. The Dec 17-18 contango narrowed by 14 cents and was as high as -$2.45 last Thursday.


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