Tuesday, February 13, 2007

Crude Oil Bounces Back



Crude oil bounced back today. The March contract closed at 59.01 up $1.20 on an increased forecast from the International Energy Agency for global consumption this year.

I saw lots of panic yesterday when crude oil was selling off. Seems like the weak longs keep getting shaken out. As you know I am bullish and I'm anticipating higher prices. I will admit it's not easy holding through these swings especially with OPEC making statements like it did yesterday, but the market has a way of paying you to do the uncomfortable thing. I'm going to sit tight with this position.

Posted by Kevin

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