The surge in oil prices is holding the market hostage. And pleas to the Saudis to increase production may meet with limited success. Reports this morning suggest that the Saudis may be incapable of increasing crude production by more than 200,000 barrels a day, pretty much a drop in the ocean. Here's the chart for the last two weeks; tack on another $3 to get to today's price.
2 comments:
Dennis Gartman believes a gap down island chart will form, he said that on Fast Money.
Dennis has been wrong of late, the crude trade has the best and brightest traders guessing, and most believe the longs are getting tired.
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