It was another quiet over night session with little data out of the Far East and Europe. Better than expected German IFO data did provide a slight demand bid but it appears any real action will have to wait for today`s U.S. durable goods data.
The old adage proves true, that low prices cure low and crashing prices, and at least in oil, it is always followed by a big time recovery. According to data provided by Price Asset Management, history would suggest that prices of oil usually come back quicker than most people think.
Over the next few years as debt, currencies and countries start to fall apart, individuals will be looking to place their money where it will hold its value and buying power during times of extreme uncertainty.
For now the energy markets are stuck in a relatively tight range which can tend to lull some to sleep and potentially trick traders into taking risks that are maybe not especially wise for these markets.