WTI crude still locked tight
Yesterday it looked like crude could finally be breaking out. If the highs would have held, it would be have been the highest close since 2015.
But it didn't. Crude sank back to $54.00 at the close and then another rally today was fought off. WTI is now down 73-cents to $53.60, which essentially erases yesterday's gain.
So where does that leave us? Still watching OPEC and waiting for high US inventories and rising production to have an effect. The bulls will continue to fret about crowded longs.
Technically, I'm still constructive. There is a mild uptrend within the consolidating range.
