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Oil Coming Up for a Second Crash?


From CME:
Soaring Oil Inventories: Prices Heading for a Second Collapse?
  • Oil inventories have spiked on bargain-buying and storing by investors expecting prices to rebound strongly.
  • Pace of summer driving crucial to whether inventories will deplete or if prices could crash again.
  • The number of miles driven has to rise 4-5% year on year to support prices amid such high stocks.
  • Strong demand for oil as refiners take advantage of wide crack spreads and ramp up gasoline output.
  • Oil production continues to grow, albeit more slowly, despite low prices and falling rig counts.

Full article on CME
http://www.cmegroup.com/education/featured-reports/oil-set-to-fall-after-summer-driving-season.html
Gold: $1000 ahead? Looking at the technical charts, Gold breaking below $1150 support was a significant move which pushed the bearish impulse for the yellow metal. Perry maintains a bearish target at $1000 in the coming months, but expects the psychological level to support gold prices from dipping further.
I think oil will not cost lower. In my opinion Goal now is $60 ($55) no more - no less.
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