Crude Has More Room to the Downside, $48 Is a Key Level

Crude gave back its gains from previous sessions, now trading back below $50. Peter Amandio of Chicago Energies says the move lower is not really surprising because nothing fundamentally has changed in crude and a note out of Citigroup calling for $20 oil applied even more pressure. Prior to that, we were stuck in a range where if it went over $54, the next stop was $60 to the upside. But looking at the downside, we were looking at $35, which led to a very volatile trade. In the near-term, Amandio sees lower levels in crude and $48 is key. Should that level break, $43 could be the next stop.