In the past (Iran) would have put a little bullish impetus in these markets, but it isn’t today. Perhaps it’s telling.
– Addison Armstrong (subscription required), Analyst, Tradition Energy
The story in financial markets for the last bunch of days has been oil. Everything else is secondary. So today’s $4 selloff to below $130 is what I’m paying the most attention to.
As the quote above alludes to, there was some news today about Iran and an attack on a Nigerian pipeline that in the recent past might have led to some kind of up move in oil. But not today. Is it a tell? Does this suggest that the upward move in oil is out of gas? 😉
So far my call last Thursday (“Signs Of A Top In Oil”, Top Gun FP, Thursday May 22) of a top in oil is right on.