Wednesday, May 30, 2012

WTI Oil Below $90 ....Oversold!

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The Weekly Petroleum Status Report will be released on Thursday, May 31, 2012 at 11:00 A.M. and 1:00 P.M. (Eastern Time) due to the closure of the Federal Government on Monday, May 28. LINK

ITZ has used the Gold:WTIC Ratio for some time now, we could see gold rally soon, ITZ still believes the yellow metal could rise to $2,000. If it does & the ratio say remains at 17, will place oil @ $118. Most plausible is gold rising to $1700, that would equate at a 17:1 ratio to $100 oil. CHART

ITZ oil trade has been Proshares Ultra Crude Oil ETF (UCO) --- entering 1/4 trades on May 9th @ $36.70, May 23rd @ $32 and now targeting $28 as the next 1/4 position entry point. UCO closed today at $30.07.

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