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| Lacking a refinery problem or other major event, I think to top in crude is in for several months. May get some sharp rallies & test the high, but think the dollar is close to a temp. bottom, the terrorist premium is old news as things are cooling down in Iraq and the Iranian situation is moot at this point. Winter weather is of course a big variable...but $100 has been so widely advertised for quite some time...additionally, the OPEC meeting is always a facade, Saudi Arabia quietly pumps more oil when needed, particularly at these prices. I think some folks have themselve hung up in this market near the top ...if we get back up to the 95-96 area some selling should be uncovered. If we don't reach 95 & instead take out 87 I would envision a breath taking drop. | |
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Observations
