Wednesday, May 7, 2008

Wednesday 7 May

Wednesday, May 7th brings Crude Oil Inventories, scheduled for release at 10:30 ET. Oil was up $3.80 last week, and closed Tuesday at $119.97.

Dennis Gartman feels the run in many commodities is over in the short term (3-6 months), as he divulged on CNBC recently. So if we do see a greater than expected build in Crude Oil inventories, we will see the oil trade unwind perhaps below $110.00 this week. Anything below $110.00 would scare the inflation hawks and bears away and give bulls a reason to celebrate and relax by their camp fire.

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