if it repeats post apr 17, can go to 44 in the next day or two!

If it happens, I will be very happy because XLE will likely go back above 68 here.

Hopefully it closes above 41 by 2.30

wa..! dramatic!

tonight the oil bulls showed they haven't forgotten how to charge after weeks of hiding!

guess bulls need to take out 42.17 for a return of confidence....

You know, that latest inventory report makes no sense.

The financial writers were just making up stories of strange behavior of oil prices (plunges, then rally) and try to link it to the opposite direction of what is supposedly still a very bearish news for oil.

But, I think it is good for us who are more technical analysts/readers than fundamentalists. It's basically oversold condition at the lower side of the range already. Must bounce back to 40-41, and hopefully it can continue to claw itself back to 44-45, we will play bear again.

yes, fundamentally, bad for oil, nothing positive until we see meaningful demand surge worldwide.

next 2 days, esp fri will be very key - last wave of earnings reports, jobs report, rig count.

if wti can hold the gains and stay above 41, it should go higher from there.

if it returns to 40 or lower, the downtrend may resume.

i do think the bulls are all wound up, ready to charge at any small signal, nay be reading the "rebalancing" a little too quick.

i am out of uwti/dwti for now, will see on fri.

the thrill never stops, just gotta be very watchful!

+1.
Me too was confused/cheated by their stories n arguements. Crude pile rising n yet many stories about re balancing by gas!!!
Ya. I guess its oversold and 41 and 42.....anytime?

something interesting brewing now...

day time, asian traders continued to push wti to as high as 41.30.

now, european traders are pushing it down to 40.50.

will be fun to see what it will be at 9.30pm!

Pulling back a little... but still holding $40 support here.
Option decay starts to creep in.

i think 40 shd be a strong support, judging by yday's reversal. somehow, crude will go back >40. i dont know why but it seems that way.

The play range for tonight is 40.50 to 41.50. It small but doable.
I think it will lean towards $41 or higher by closing.

Wow... faster than a I expected.

this is scary!

i am taking some slb profit off the table.

Incredible... broke above 41.50, perhaps gunning for $42.

wow....what a rebound...

1 eia report send the bears short covering, enough to take it out of bear territory.

rebounded 5.5% in 2 sessions, quite remarkable.

we'll see what happens from this point.

tmrw will be decisive.

Yes tomorrow rig count and jobs data.

omg, its 42! what a miracle to observe!!!