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Where am I? bullet

Daily Oil Commentary by Matt Stanley


08/03/2017
By:Matt Stanley

Morning all. Brent closed down 0.09 last night to $55.92 and WTi closed at $53.14 down 0.06. First of all I would like to wish all our female readers a very Happy International Womens Day. I don't want to get all Emma Watson feminist about it but is it OK to say Happy IWD? Like I said last year, every day in my house is International Womens day so I don't know why today is different. Anyway, as it's IWD I thought i would write a letter to the Arsenal Board of Directors asking for the ladies team to replace those spineless, overpaid, pathetic, capitulating idiots that make up the Arsenals mens side at the moment. God knows Arsenal Ladies can do a better job. And how long does it take before Arsene Wenger loses his French accent? He's lost everything else so why not lose the accent? You may sense that I'm a disgruntled Arsenal fan. So, this oil market, what's going on? Gold star my friends! We're still in this range. Seriously what are we waiting for? China data is out and imports are up, refineries continue to be built and demand looks good so why aren't we breaking out of this range? Actually scratch that - why is the market down this morning? And if you say a stronger dollar I'm going to implode. What's clear is that we are just hovering around technical support and resistance levels. News that is coming out is not enough to sway the market from one side to another and EIA data later will hardly be enough for the bears to leverage off to cause a downward tick. Or will it? The stupid ironic thing about EIA data in a narrow range-bound market is that it is the only short term indicator for the worlds biggest oil importer so it does provide some short term direction. At least for the technical players anyway, and if this market is being controlled by algorithms then perhaps another build on cruDe could see us break out of this range. Who knows. In the meantime I'm off to Emirates Post to send my 1 year old's CV to Stan Kroenke. Good day.

 

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Last Update: 08/03/2017

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