Oil prices moved up from overnight support around $48.60 and moved above Nat’s keyline before dropping back to the support level in the day session.
The daily range was fairly small (about $700 per contract) but overnight traders had a reasonable short entry at the keyline that captured about $300 per contract with an exit at the close.
Subscribers to the live trade room could have captured a larger part of the move.
This was essentially a consolidation day as traders begin to roll over into the April contract. At the close April was trading about $0.55 higher than March, and there will be some adjustment to smooth out that disparity.