Sorry this is late today, but it’s a crazy day.
To expand on my comments from Friday a bit, the pullback in commodities continued last week. While we could see a rally this week, we have now seen both oil and the CCI Index break important support. I expect oil will pull back to test 121, maybe 110 and if we’re really lucky, 100 – that would be an incredible buying opportunity. Why? Because the long-term supply demand picture is tightening, and this pullback will give us a base for a potential explosive move higher.
Gold is holding up better than most commodities – I think that’s fear working into the market place, as fears of a global banking crisis mount and investors look for alternatives to paper currency.
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Oil Rebounds From a Seven-Week Low as Nigerian Militants Attack Pipeline Crude oil rose, rebounding from a seven-week low in New York, after a Royal Dutch Shell Plc pipeline in Nigeria was attacked by militants.
U.A.E. Will Cut Oil Production From October for Field Work, Officials Say The United Arab Emirates, the third- largest oil producer in the Middle East, plans to reduce its oil production by at least 100,000 barrels a day for up to 40 days from Oct. 23, officials at the Abu Dhabi National Oil Co. said.
German Consumer Confidence Drops to Five-Year Low as Spending Power Wanes Consumer confidence in Germany, Europe’s biggest economy, dropped to the lowest in more than five years as soaring energy prices sapped purchasing power and the economic outlook deteriorated.
Funds for Highways Plummet As Drivers Cut Gasoline Use
A report to be released Monday by the Transportation Department shows that over the past seven months, Americans have reduced their driving by more than 40 billion miles. Because of high gasoline prices, they drove 3.7% fewer miles in May than they did a year earlier, the report says, more than double the 1.8% drop-off seen in April.
A report to be released Monday by the Transportation Department shows that over the past seven months, Americans have reduced their driving by more than 40 billion miles. Because of high gasoline prices, they drove 3.7% fewer miles in May than they did a year earlier, the report says, more than double the 1.8% drop-off seen in April.
More on this topic
(What's this?)
Troubles Brewing in Africa's Largest Oil Producer
(When Giants Fall, 3/10/10)
Like oil for gold? Oil pushing new highs while gold languishes
(CHARTLINES (tm), 3/9/10)
Gold and Oil: Why These Two Commodities Are Set to Blast Higher in 2010
(Investment U, 12/17/09)
How to Profit from the Next Spike in Oil Prices
(Money Morning, 3/1/10)
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