Aug. crude oil:
1. In yesterday’s (Monday, July 7) Williams edge live meeting it was noted that a daily close above $103.40/$45 in Aug. crude oil would indicate a quick advance to at/near $103.92 into Wed. July 9 (+/-1 day).
2. Yesterday’s (Monday, July 7) session closed at $103.39, just one tick below the $103.40 level. Therefore, it is likely the $103.93 upside target remains valid into tomorrow, Wed., July 9 (+/-1 day).
3. How the market handles the $103.93 level remains important with regard to the longer-term outlook of crude oil. Will update.