Tuesday, December 8, 2015

Big Snap Back In Oil After Cratering

Oil markets continue their volatility, as the price of oil tested lows of $36.64 for a barrel of West Texas Intermediate (WTI) as it was down $1 this morning. The price has snapped back, however, and has even traded in positive territory for about an hour.

The oil majors are up off their lows, but are still being crushed for a second day. Chevron is down 88 cents and Exxon Mobil is down $1.65 in the midday trading.

Oil services manufacturer Schlumberger is down about a dollar on the day.

We're looking for oil to continue cratering, expecting it to test $30 a barrel for WTI in the coming weeks. What all this means is, it's time to hop in the car and visit grandma, Aunt Edna or whoever! Enjoy the ride, the gas is cheap!

Disney (DIS) is up $10 since our post in September, now trading around $113.  We're looking for it to hit $125 by the spring.

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