Morning Thread

Gator's Chart of the Day: Crude Oil

Crude has been trading in a fairly tight channel for three months.  The range has generally been from 96 to 103 but after closing at a new high on Thursday it has gapped up and is holding (as of Monday night.)

News that Iran has stopped selling to the UK and France is causing increased pressure to the upside and U.S. gasoline prices are spiking too.  They are already at seasonal highs and news reports are predicting the national average to exceed $4/gal by April.

I expect transports will struggle short term.  They have been lagging of late and these prices will not help them.