WTI crude oil is up about 40-cents to $101.05/barrel today after sinking as low as $100.03 yesterday.
I set out a gameplan for crude trades yesterday. The bounce failed ahead of $102 which wasn’t a screaming sell signal but the lack of aggressive buying from the big figure is a negative signal and a rebound in the US dollar will probably be enough to send crude below $100. From there, it could be a quick trip lower.
There is still about a month left in the US hurricane season but the coast is absolutely clear at the moment.
