Currently: Cash Looking to: Short now
As of 7/31/20 @ 7:15am EST: $40.20
LAST WEEK: We suggested selling longs / getting short of crude at $43.375 with stops honored on a close above $45 and with a target of $12.
UPDATE: Crude oil futures made it as high as $42.50 early in the week, but then the reality of the slowing down of economic activity in the US and around the world set back in as bearish inventory data came to the fore. Wednesdays numbers disappointed the bulls and waves of selling took over the market for crude futures and most energy stocks. Right now, crude looks like it may have topped. We would look to short near $41.53 with stops honored on a close above $43.375 and with a target of $12.