A sizable drawdown but it’s not having any marked effect on WTI prices at the moment.
We’re sitting on the highs over 103 having been as high as 103.46 in futures. We can expect some resistance around the 103.80/104 mark. I’m looking at the October resistance line at 105.30 for a short play and the level also matches the highs back in late Feb early March.
WTI crude daily chart 21 05 2014
