Looks Like Oil Has Run Out Of Gas

I’m not a chart guy. Never have been. Never will be.

I’ll use them to look at the price history of something and then match it up with the fundamentals.

But as far as the wiggles being the sole determination?

Nah. But have you seen the charts on the iPath S&P GSCI Crude Oil Total Return Index ETN (OIL)?

Most of them look like an EEG of the guy who comes in second in a UFC title bout.

Let’s look at the daily first.

chart

Looks like it’s got one more semi-decent run before the final break. Here’s the weekly chart..

chart

That’s the point in a hospital drama when the ER doctor yells “CLEAR!” And lastly, the monthly.

chart

What’s going on with oil? I wish to hell I knew. Are CNG (compressed natural gas) conversion kits about to hit the shelf at O’Reilly’s (ORLY)? With the constant chatter about “peak oil” and the Arab world doing its impression of the French Revolution, you’d think we would be at $150/bbl. WTI is hovering around $85/bbl. However, gasoline is still over $3/gallon (I drive a German car that requires premium…thanks a lot…Hans!). I don’t what it is, but something is definitely afoot.

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