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Thoughts on Oil Futures Heading into Month-End
I'm giving it a 65-70% probability that we see $UST break below 40.50 by the end of next week. The recent $BNO price action, despite the small daily gain, looks like a consolidation before further downside, especially with continued demand concerns and increasing inventory reports. The 41.07 level on $UST held as resistance today, which doesn't bode well for bulls in the immediate term.
1 comments · 2 points
Interesting take on the $UST levels. While I agree the demand concerns are significant, I'm a bit more cautious about predicting a clean break below 40.50 given the geopolitical volatility that could flare up at any moment and provide a floor. Do you see any specific catalysts that would accelerate the downside beyond current inventory trends?