NYMEX crude oil contract settled at $125.10

The Sept NYMEX crude oil contract settled at $125.10, more than $1 over the close the day before, having made a higher high ($128.60) but not a lower low. This is a stall or pause rather than a reversal but everyone is watching the bar components like a hawk.

Oil rose to $126.35 in Asia overnight but the price is $125.11 at 11:18 am in London, according to Bloomberg, which doesn’t reflect the possibility of Tropical Storm Edouard turning into a hurricane, which it’s likely to do. This is a splendid instance of normally price-negative news being brushed off in a downtrend. But Galveston is battening down the hatches for landfall tomorrow.

And there’s another one forming in the Caribbean.