Crude is close to breaking the $50 support at 6:30 AM PST. This is a major number to a lot of traders. There are probably 100,000 sell stops just under a $50 close. The cash price for crude this AM is below $50, but the grades vary so much you cannot make any distinctions. Above chart is a weekly. Click on it to see what I'm talking about. Why the break in price? More sellers than buyers right now, an indication of a world wide glut due mainly to the warm winter. And once again wild speculation is fueling the sell off much like the specs pushed oil to $80 when there was just as much supply as there is now. Retail gasoline prices in LA haven't budged. What bullshit. We have been paying $2.59 average for at least a month now.

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