NYMEX Trader: Crude Still Has Some More Room to the Downside

The crude story remains in play and within a range as fundamentals are stuck in the supply glut, Peter Amandio of Chicago Energies tells TheStreet's Jill Malandrino. Now that the March contract is on the board, it seems as if a base is in place, but there is no follow through on the up or downside. From a historical perspective, there could be a quick, significant move to the downside, even though colder temperatures prevail in the U.S. and there is some chatter in the market place regarding storage and sales data. Regardless, Amandio is still convinced there is more room for a move lower.