Last quote by Jim Ritterbusch
Jim Ritterbusch quotes
An expiration of more than $1.50 a barrel in the May-June spread today would send off some additional bearish WTI signals.
While a few forecasters may be dusting off some old $20 WTI expectations as a result of the Doha outcome, we expect solid support in nearby WTI at the $35 mark.
From a longer-term perspective over the coming four to six weeks, we still anticipate an ultimate crude price decline to the $26-28 area.
Today's selloff didn't feel like the beginning of a sustained price decline. We feel that this one-month $8-9 price advance simply got ahead of itself with newly positioned longs anxious to accept some profits.
We feel that values could consolidate well into next week or longer, prior to enough momentum shift to force an ultimate $9-10 crude price cut.
Given what is likely to be some high-pitched volatility within global equities this month, we look for a closer connection between oil and the stock market for a few weeks.