The rally yesterday has been washed away today in a sea of red, selling strong in the early trading hours. An unexpected rise in oil inventories is punishing oil prices again and threatening to un-do the level of 41. Oil stocks are getting crushed in sympathy with this move, sending COP and XOM to multi-month lows.
I have said oil will break 40. It still looks that way. If oil does break that level, it becomes more attractive - both the oil stock $USO and $COP and $XOM
Once refineries work through issues, gas prices will start falling in your neighborhood.
I have said oil will break 40. It still looks that way. If oil does break that level, it becomes more attractive - both the oil stock $USO and $COP and $XOM
Once refineries work through issues, gas prices will start falling in your neighborhood.