The march lower continued yesterday, opening up some new territory below the trend channel in a poorly attended, weather-shortened, session. Good neighbor OPEC again blames “disconnected” prices and not a shortage of crude for current levels. In a sign that the group was disinclined to ramp up production, the OPEC Secretary-General said that he was “100 percent certain” there was no shortage of oil in the market. So far today, the market has only opened up a .94 cent range and have hewed close to the upper end. US Q4 GDP registered a 3.% annual pace, somewhat below expectations of 3.5%. Not bad, but to conclude that the recovery is getting stronger and may soon be self-sustaining is wishful thinking with millions still unemployed.
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