To the left is the current weekly chart of Crude Oil. You can click on it to enlarge it. This market is simply not offering up a darn thing right here. As can be clearly seen, we are in a sideways trading range, in a long term uptrend.
From a seasonal standpoint, there should be some more upside. However, we have to be a bit careful with seasonals. They do shift around on us from time to time. Recently, Crude has been following the seasonal tendency fairly well. Just look at the first chart below the price, which has the seasonal trend plotted.
The commercials, are somewhat in the middle, closer to short than long. However, not enough to really signal anything. Where does all of this leave us?
Actually, nowhere. It is anyone's guess which way we go from here in the near term. The bulls cite supply demand fundamentals which call for ever higher prices. They may be right, however, just blindly buying it here is a complete guess. I do not like guessing. Let CNBC work over this topic everyday, it is a dead duck for me at the moment.