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Crude Oil Prices - News Review

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WTI spreads took a bit of a hit on the sell off as Sep/Oct trades down to -48 and Oct/Nov down to -58. Dec/Red got hit pretty hard at as well with this spread trading -400 again. I believe these spreads are on the cheap and I recommend to value buy down at these levels. Everyone wanted to buy Dec10/Dec11 last week and I think this will be the case down at -400 again. Gasoline and heat both liquidated as well as both Sep contracts traded $2.10 and $2.13 respectively and I think these markets should bounce back and rally nicely. The gas cracks have really taken it on the chin with the Sep gas crack down to $8.00 as has been much weaker than crude in recent weeks.

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