Trade view /
09 September 2016 at 8:41 GMT
This is the third and final update of our WTI long trade view published on Tuesday
Crude oil hit $47.75 yesterday following the huge inventory draw from the EIA. This was just 5 ticks short of our target at $47.80, and given that crude oil is drifting lower today we opt to close the remaining position (last at $47).
Sellers have emerged as questions are being asked as to how bullish the out-of-kilter inventory report yesterday actually was. We expect a large upwards revision next week and as we are getting close to levels were we would consider entering a fresh short position we see no reason to maintain the position.
— Edited by Clare MacCarthy
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