Crude Oil Still Range Bound

The Crude Oil market continued on its range bound course between $60 and $64…

as another mixed inventories report was released on Wednesday. The latest data showed greater than expected builds for Crude but an unexpected draw on the Unleaded inventories (down 900,000 b). This is all taking place during the transition period for the refineries and the beginning of the seasonal increase in fuel demand.
I don’t think we will see this market get comfortable with prices below the $60 in the near future as we head into the driving season and the geopolitical picture continues to feed into supply interruption fears. We are still holding our Bull Call Spreads for Crude and Nat Gas. Matt Odom 03/17/2006
Matt Odom
Odom & Frey Futures & Options

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