By Jeff Gilfillan
NYMEX WTI Crude futures front month contract has traded in a $15-16 range (low 39.19 / high 55.24) since May of 2016. The bulk of the volume/value occurred between $44 - $54 per barrel range. In September, OPEC announced extended cuts to production. Leading into this meeting the markets bought the rumor and after trading to just under $53 per barrel in late September the market squeezed weak longs and touched just above $49 and swiftly bounced. CL has not looked back since, breaking highs not seen since 2015 this month.