Nymex Crude Oil Futures contract failed to put in a higher high

The Nov Nymex Crude Oil Futures contract failed to put in a higher high and did put in a lower low, but closed up at $100.64-a bar that sends conflicting trading signals. So far today it has reached a new high of $102.84, over yesterday’s high of $102.46, but at 11:24 am GMT, it’s back down to $100.64, yesterday’s close.

We get the usual Wednesday US Energy Dept report today, probably showing a rise in crude stockpiles and a drop in gasoline because of storm-related refinery shutdowns and pipeline problems. Bloomberg says “gasoline stockpiles probably fell 2.05 million barrels in the week ended Sept. 26 from 178.7 million barrels in the previous week, according to the median of 13 analyst estimates before an Energy Department report today. Supplies in the week ended Sept. 19 were the lowest since 1967.”

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Barbara Rockefeller - Forex Trading Forex