Oil Prices
Posted: Mon Sep 21, 2015 2:59 pm
Later this week the October futures contract for WTI will expire and November will become the front month. Therefore, I think a lot of what we are seeing today is short covering. Speculators must close their positions before they expire.
The global oil markets are tightening. One thing that can really drive up oil prices fast is the shorts getting burned several times and deciding it is time to go long.
The global oil markets are tightening. One thing that can really drive up oil prices fast is the shorts getting burned several times and deciding it is time to go long.