Oil pares gain to just 12-cents

WTI crude has fallen flat on the day at $16.46 after rising as high as $17.96. That's two days in a row where sellers have stepped in close to $18.

Oil pares gain to just 12-cents

The Canadian dollar has largely ignored the move, as has the larger market. We're at the point where 10% swings in crude are 'noise'. It's probably been the craziest week in the history of crude oil trading so that's what you get.

I firmly believe that the money to be made is on the short side because in the physical market supply still exceeds demand. I believe this contract will ultimately close around the $10 level that the May contract did. I don't think we're going to see the same kind of volatility because so many traders and ETFs have been blown up but everything remains on the table.