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November 23, 2018 | Yet Another Plunge in Crude: Down 7 Straight Weeks and Negative from Year Ago

Mike 'Mish' Shedlock

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
Crude is down nearly another 7% today. It’s down 33% since the September high and 13.5% from a year ago.

Weekly West Texas Intermediate Chart

WTI Monthly Chart

Stockcharts does not have intraday prices but it does have nice looking charts. The chart shown does not have today’s plunge.

There could be a bounce at any time, but technically speaking, a bounce from the $33-$40 level seems more likely.

What’s Going On?

  1. The US and Russia are pumping record amounts of oil.
  2. Trump granted a number of nations exemptions on his Iran sanctions
  3. OPEC infighting
  4. Fallout from the brutal killing of a Saudi dissident journalist
  5. Slowing global economy

Mike “Mish” Shedlock

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November 23rd, 2018

Posted In: Mish Talk

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