WTI prices quit the rally party, yesterday, and fell from nearly $108 per barrel. The trading posted a wide-range, but it just missed posting an outside day with a lower close, which would have signaled a key reversal. Despite the failure to generate that signal, prices appear to have put in an intermediate top. Yesterday’s catalyst was an apparent shutdown of the Seaway pipeline, reported by Reuters. No reason was given, and the pipeline operator was close-lipped. We have previously mentioned the new, decidedly unsexy, pipeline operation headline risks.
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