We’ve broken down through the $100 mark for the first time since May as the scale of stocks and supplies keep rising and Iraqi fears abate further. Increased output from Libya is also adding to the bearish picture.

September futures have driven below the 200 dma at 99.67 and we’ve pulled up short of the June 2012 support line at 99.20

WTI crude daily chart 15 07 2014

WTI crude daily chart 15 07 2014

I like the look of the tech down here so I’m in for a small long at the 200dma and will add another small one at the June 2012 trendline. I took a hit on a Brent long against similar tech the other day so I’m keeping the position smaller than normal and very tight.

A break below $99 could have us testing the $98 level and lower fairly quickly.