The new anthem in Saudi Arabia is Lil Wayne singing, “Turn down for what?”
The only good thing about the Great Recession in 2009 is it reset everything we knew about oil since 2001. That was a significant time when WTI went from $20 to $147 and the world’s oil supply and demand was pushed to the brink. The oil trade was revolutionized with hedge funds, banks and private equity flush with oil traders.
OPEC was at the peak of its importance and every meeting was hotter than a Madonna concert. All the players in the oil game were of such great importance and in such high regard, the industry never had it so good. Then we wiped the chalkboard clean and have not even come close to even resemble what once was in oil.
Gone are all of the Wall Street traders, OPEC meetings are more like a Pablo Cruise reunion and oil supply and demand is what it is. Well it might be time to light up Vienna again and get the city’s red light district back in business.
I like to try to change these numbers around every day, but considering the market doesn’t move all that much anymore, I’m sticking with the status quo. These low volumes aren’t helping the cause either, but we’ll see what this week brings. We’ll put resistance up at 10372, 10450, 10545.
The support comes back to test levels at 10218, 10166 and 10048. The front spread has been slipping and we’re refocusing on getting past resistance at 88, with 95 above. We’ve been taking a lot off the table, but it might be an opportunity to fill our plates again. Oh God, I just can’t take this side-ways much longer, but we’ll expect a grind higher today.
All good with RBN4 now. All the volume moved here early, so let’s see what we get now. We see resistance 29677, 29848 and 30013. The support numbers come in at 29502, 29378 and 29200. The front spread moves ahead and we get resistance at 333, 360, 384. The support holds 285, 256, 213. The RBCL hits resistance at 2120, 2175. Support looks to 2062, 2015.
Moving along to HON4 here. Picking up some interest and volume here. The resistance numbers come in at 28940, 29066 and 29224. Support levels check in at 28700, 28610 and 28455. The front spread gets nowhere and has resistance at –55, 42. Support looks to test –78, -85. The HOCL has dumped and sees support to 1744, 1705. Upside resistance hits 1792, 1864.