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Weekly COT Report – Oil Index 8th February 2009

COT Index Crude Oil - 8th February 2009

Much the same as last week with the index falling, this suggests that the commercial group is expecting crude oil prices to fall further and are therefore stockpiling supplies in the hope of prices rising in the future. For a clear buying signal we need to wait for the index to reach a low of 5-10, before we can expect any significant rise in prices in the short term. If you would like to follow my daily oil prices posts then please just follow the link. This week’s data gives us little clue at the moment as the change on last week is negligible.