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Another record day for oil prices Tuesday, with Nymex crude settling above $100 for the second time in a week. What a run! Oil hit a low of $86 earlier this month and now its trading near $101, a nearly $15 move! Pretty hefty gains!
Oil: What You Must Know |
Today, we noticed some major similarities and differences with last week's sharp surge.
Once again, we saw Nymex crude close at a new nominal high, but on rather light volume, causing traders to blame the "speculators" once again.
But the new twist to the story is that the crude curve has tightened considerably.
What's more, oil prices are averaging $100 for the next six months!
Investor Takeaway |
The April through June Nymex crude contracts all settled above $100 today. For the first time ever, crude prices for the NEXT SIX MONTHS ARE AVERAGING $100 a barrel. That's amazing!
And, also for the first, time traders have the opportunity to trade that six-month strip with the new Nymex MACI contract, which launched on Feb. 11. Let's see if they do and how they fare.
Questions? Comments?
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Data is a real-time snapshot *Data is delayed at least 15 minutes