China, Inventories Push Oil Below $100 per Barrel

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March 12 (Bloomberg) -- Bloomberg’s Scarlet Fu and Michael Gurka, managing director at Spectrum Asset Management, examine the dip in oil prices below $100 per barrel in “On The Markets” on Bloomberg Television’s “In The Loop.”

Reported overnight, including retail sales gekko -- sales?

There is a lot of speculation coming into last week, midweek, crude was not only looking technically, but fundamentally, there was a growth story making its way.

That being said, yes, china is clearly the reason yesterday we got through the 200 day moving average at 114 in the wti and this morning, we bounced right off our lows on the 50 day, setting up the market on crude oil, the all-important 100 day moving average and 97-30 three.

That is the key level.

A question about supply.

We get data out of the energy information and administration later today.

What you see in terms of supply.

Qwest it seems as though the inventories will not necessarily be surprising.

It is expected we will have more than expected.

That on inventory scenario will also be very bearish for the market.

The reason i mention this is the fact is, as we saw the crude oil market rallying, we also saw gas going the opposite direction and unlimited despot and let it railing with the crude oil.

-- unleaded railing with the crude oil.

Some people have said copper, now you're it -- now a four-year low, may have touched a bottom.

The fourth biggest copper miner listed up in australia said they have a lot at stake but they say copper will trade above three dollars per pound in the next two or three years.

What are you hearing on the floor?

I will not accuse them of talking their own book but i would have to say copper got ridiculously week here in the last couple of days and support in the market is there to stay.

I love copper at these levels.

Because precious metals have gotten so much attention, i like doing the reverse, selling into the euphoria of gold and buying into copper.

The copper trade is a good and long-standing position.

You mentioned gold.

We need to touch on that as well.

The ukraine and russia are driving that higher.

Does the fed factor in here when it comes to the precious mentored -- metal trade?

I will not count out the swiss or the eu for a factor right now for ecb measures.

It seems 1375 is a very nice resistance in the market actually getting a little closer than anyone would have expected for the month of march.

I like copper down here.

Qwest thank you so much, with today's look at commodities.

We are on the markets again in 30 minutes.

"market makers" is up next.


This text has been automatically generated. It may not be 100% accurate.


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