Supply Glut Still Plagues Crude Fundamentals, Traders Look to Summer Driving Season

Crude failed hold the $53 level it touched last week. Mike McPartland of McNamara Options tells TheStreet’s Jill Malandrino crude, at this point, it’s a technical trade and will remain range bound as fundamentals remain the same. The key range going forward is $48-$55 as crude fights to find sustainable direction. Another to watch is the settlements versus just the daily intraday moves because you don’t want to get caught in a short head fake. McPartland does not see a resolution to the supply glut in the immediate near term and explains traders will soon start to turn to the summer driving season and the crack spreads as indication of where crude may go.

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