The Nov Nymex crude oil futures contract opened at $108.98, hit a high of $109.58 but closed down at $106.61. It was fairly tame in Asia overnight, helping equities, but this morning in London, it’s rising again to a high of $109.50 and is near that at 7:30 am ET. Reasons include a fire in Texas, the upcoming crude oil inventory report today from the US Energy Dept (sure to be a drop in just about every category because of the hurricanes), and genral uncertainty about the bailout and resulting economic outlook. We say the chart is very discouraging—it looks like an upside breakout really did form and higher prices are ahead.
This could be reversed if the recession story gets a grip again.
Bye For Now
Barbara Rockefeller
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