Last week March crude oil opened at $97.74 and closed the week at $98.67, staying within its current range of $102-$96.
With the Greek passing of their austerity package and more rumbling from Iran, today we see March crude oil trading over $100.
I tweeted a very interesting article over the weekend that I read called “Americans Gaining Energy Independence.” If you have not read this, I highly recommend it. Also do you know the USA’s #1 export for 2011? If you said refined fuels you are correct. Yes, America sold globally more unleaded gas, diesel and jet fuel than any other item — approximately $88 billion worth.
On the technicals, on the daily chart below we see ADX at 17 reflecting a weak trending market, confirming a range. MACD is just crossing up over the signal line with no divergence. Looking at last week, we see Stochastics corrected from oversold territory, are now midrange and rising. Look at how open interest has risen. Who or what is causing this?
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