Crude Oil at peak(For now...)

NYMEX:MCL1!   Micro WTI Crude Oil Futures

  • Crude has been trending up since the beginning of February and there continues to be a strong demand fundamentally in the market.
  • Although we seem to have a price ceiling in the market currently around ~$79/BL, I believe that oil will continue to rise due to ongoing geopolitical influences.
  • Oil will continue to trade range bound but Demand Zones will continue to hold unless supporting data indicates otherwise.
  • In the grand scheme of things, Oil is priced reasonably compared to its highest points in history. We can continue to look for the price action to approach this point longer-term.

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