Friday, April 10, 2015

McClellan had a post on 4/9/15 that the WTI contract may not be even worth looking due to sometimes positive and other time negative correlation with the commercial holders' contracts to the price of oil.

To quote "As you can see, sometimes this data correlates positively with prices, sometimes inversely, and sometimes not at all. It is wholly unreliable in terms of giving useful insights about where prices might go"

I think I'm going to redo my COT weekly analysis charts this weekend and review and use the NYMEX contract instead of the ICE contract. I'll post an update on if the NYMEX is indeed a better indicator to predict oil prices.

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