Terax Energy (TEXG)

[14thPGA]

Crude is up! This is an oil play! GLTA!!

[NY OIL UP, NEAR $74] Nymex crude remains well bid, with the Aug contract h...
[NY OIL UP, NEAR $74] Nymex crude remains well bid, with the Aug contract hitting $74 before slipping just a bit. The nearby oil futs is almost 17% above its 200 day mov avg, almost as stretched as last July when crude hit a record $78 before rolling over a month later. Despite ample US oil supply, spec funds continue to bid up crude and related energy stocks amid concern that production will not keep pace with global demand, aggravated by geopolitical tensions in the Gulf and elsewhere. Note that last week's CoT data showed that large commercial players (i.e oil firms) have build up notable shorts which in the past have flagged overbought conditions at least n/term. The next report is out late this afternoon.

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