Oil has bounced back above the 10 day ema. If that levels holds (70.50) we could get back up to 75 soon, but keep an eye on 20 dma at 71.20. If we fail here, it will just be another bear flag on the way down to 65.
But have no fear, oil bulls, if it is not Iran, maybe it will be Global Warming and more storms:
WASHINGTON - The Earth is running a slight fever from greenhouse gases, after enjoying relatively stable temperatures for 2,000 years. The National Academy of Sciences, after reconstructing global average surface temperatures for the past two millennia, said Thursday the data are "additional supporting evidence ... that human activities are responsible for much of the recent warming."
Other new research showed that global warming produced about half of the extra hurricane-fueled warmth in the North Atlantic in 2005, and natural cycles were a minor factor, according to Kevin Trenberth and Dennis Shea of the National Center for Atmospheric Research, a research lab sponsored by the National Science Foundation and universities.
But have no fear, oil bulls, if it is not Iran, maybe it will be Global Warming and more storms:
WASHINGTON - The Earth is running a slight fever from greenhouse gases, after enjoying relatively stable temperatures for 2,000 years. The National Academy of Sciences, after reconstructing global average surface temperatures for the past two millennia, said Thursday the data are "additional supporting evidence ... that human activities are responsible for much of the recent warming."
Other new research showed that global warming produced about half of the extra hurricane-fueled warmth in the North Atlantic in 2005, and natural cycles were a minor factor, according to Kevin Trenberth and Dennis Shea of the National Center for Atmospheric Research, a research lab sponsored by the National Science Foundation and universities.
This entry was posted
on Thursday, June 22, 2006 at 2:45 PM.
