July Crude’s easy push past p=74.72 implies that this corrective bounce will reach the ‘D’ target at 76.95. It should quell the rally, which will remain inconsequential until such times as May 29’s 80.62 peak is surpassed. True to crude’s perverse nature, news that OPEC will lift production quotas appears to have catalyzed the rally. Pump prices were coming down slowly following the April 12 top at 86.16,, but it will take a new top, even if just a minor one, to set them falling anew.
$CLN24 – July Crude (Last:75.53)