Crude: Upping My Range
Posted on Monday, April 14th, 2008 | In Commodities
Contributed by: Jim Kingsland (http://buttonwood1792.blogspot.com/) -
Folks, I’m going to a range of $95 as downside support to $130 as resistance this year on light sweet crude. My old target of $85 to $110 as been test on both ends, though barely so on the bottom end, and its time to revise my personal outlook. Even before the U.S. economy becomes deeply mired in recession later this year, any sizable reduction in output from any player, in OPEC, or not, will have a sizable upside impact on prices. Demand also remains strong enough from countries like China and India to keep the price quite supported. We’re in a paradigm now where U.S. DOE inventory figures should take a back seat to weekly Chinese input/output data, where such data available and reliable.
Last 5 posts by Jim Kingsland
- Inertia - June 19th, 2008
- The Buttonwood Speculator Is Now a Private Subscription Service! - June 16th, 2008
- Tweaking the Crude Range - June 1st, 2008
- Our April 14 Range Upgrade for Crude Was Well Timed - May 11th, 2008
- A Word About Mortgage Resets: Tsunami - April 27th, 2008
 About Jim Kingsland (http://buttonwood1792.blogspot.com/)
Jim Kingsland a recognized financial blogger whose blog has been lauded in Barrons and is counted among the most popular financial blogs on the web. He is a former news director at Bloomberg and he worked directly with Mike Bloomberg while launching Bloomberg Radio and the expansion of the financial information company into radio and tv media in the 1990s. He has also served in various on-air positions on some of the nation's largest radio stations including 1010 WINS and 1030 WBZ. Jim is presently an editor and derivatives columnist for CNBC.COM. |
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