Oil Sees Extraordinary Levels of Volatility but Still Lacks Direction Despite DoE Inventory Report
Wednesday, February 3rd, 2010It was a battle of influence over oil’s bearing; but neither risk appetite nor the weekly US inventory figures leverage much pressure on the market either way. However, in the absence of a clear breakout and steady trend; there was certainly an excess of volatility with the active NYMEX futures contract frequently spanning the approximately $1 range the commodity has carved out a number of times through the European and US sessions.