Peter Amandio of Chicago Energies says he still thinks crude will continue to move lower, just looking at the four point drop in Thursday’s intraday trading. Even though Wednesday’s session saw the strongest close, a move not seen since June 2012, Amandio says it was all due to options expiration, nothing fundamental or technical. Amandio remains bearish and would not look to bottom fish here because fundamentals are still strained due to the supply glut and stalemate between OPEC and non-OPEC members. Until dynamics with supply and demand improve, getting constructive on crude will be hard to do.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
