Oil Down $4

May 27, 2008 at 11:50 am  ·  Category: Commodities, Market Commentary

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.

Posted by Greg Feirman  ·  Trackback URL  ·  Link
 

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