Looking back at the last couple of weeks’ price action in WTI one thing stands out. OPEC or no OPEC, the benchmark U.S. oil futures contract attracts plenty of sellers above $51. I remain skeptical of the chances of any meaningful action from the oil cartel as a result of their “agreement to agree” on action on production to support the price of oil, and it seems that others are coming into that camp, but if some reports I have heard from traders are to be believed that is not what put such a firm top on WTI above that level. Those reports indicate that the selling came from producers hedging at prices over $51, and if that is the case the path to further gains looks like a seriously uphill battle. (Click to enlarge) If we look back even further to when WTI was declining […]