Update on Oil & Gas: Nov 9, 2018

CL just reached our next downside target of 59.47…

…and, RB has reached our target range of 1.58-1.62.  This is important support for both which, if broken, would portend much more downside.

This completes a nearly 23% gain for CL and a 25% gain for RB since our Oct 3 top call [see: VIX Takes the Plunge] and brings our YTD gains to 155% for CL and 158% for RB.

As we detailed yesterday, this move was as much about politics and chart patterns as it was about supply and demand [see Trump: Falling oil prices…that was me.”]  Now that the election and the Fed’s latest meeting are over, we can focus on November CPI.  Ultimately, oil and gas’ path forward will decide much about interest rates and broader markets.

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