Crude Oil (WTI) – $72.28 // $0.36 // 0.50% Commentary: Crude oil got slammed on Tuesday, losing $2.78, or 3.72%. In addition to the persistent economic worries that have been plaguing risk assets in general, crude oil was also pressured by the prospect of another bearish inventory report on Wednesday. As readers are aware, U.S. [...] [...more]
Crude Oil (WTI) – $75.17 // $0.00 // 0.00% Commentary: Crude oil will attempt to build upon last week’s three-day rally that saw the commodity bounce from a low of $70.76 to $75.59. But, as much of that rally can be attributed to oversold conditions, it will be difficult to repeat such performance, especially given [...] [...more]
Crude Oil (WTI) – $72.92 // $0.40 // 0.55% Commentary: Despite a bearish DOE inventory report and another round of dismal economic data, crude oil managed to rally, adding $0.89, or 1.24% on Wednesday. Incidentally, U.S. equity markets also finished modestly higher, after spending the vast majority of the day in the red. Clearly, the [...] [...more]
Crude Oil (WTI) – $71.89 // $0.26 // 0.36% Commentary: A horrendous U.S. Existing Home Sales number sent crude oil reeling along with equity markets. Oil dropped $1.47, or 2.01%, after The National Association of Realtors said that the number of existing home sales in July fell to the lowest level since records began in [...] [...more]
The last two weeks have been a dismal period for crude oil, as the commodity has tumbled from close to $83 to nearly $73. Prices are currently up slightly to kick off the new week, after falling in four of the last five sessions. The drivers of price action remain the same: the global economic [...] [...more]
Commentary: Crude oil fell notably for the third day in a row, shedding $2.29, or 2.92%. Over the last three sessions, the commodity has lost $5.74, or 7%. Weak economic data, especially out of the U.S., has challenged the optimism that was developing in financial markets. Whether the recent sell-off is merely a correction of [...] [...more]
Crude Oil (WTI) – $77.28 // -$0.74 // -0.95% Commentary: Crude is increasingly tracking overall risk sentiment with the correlation between prices for the WTI contract and the MSCI World Stock Index now at 0.74, the highest in nearly three weeks, on 20-day percent change studies. This hints that a rebound may be ahead in [...] [...more]
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