The West Texas Intermediate Crude Oil market rallied rather significantly again on Tuesday as we continue to see a lot of concerns when it comes to oil.
from Russia, the fact that people are starting to do this suggests that we are about to lose 10% of the crude oil supply at the same time that demand is starting to truly pick up. After all, the markets are trying to price in the idea of the world reopening, which has a major influence on demand. Keep in mind that during the pandemic, very little oil was drilled so there is a certain period of “catching up” that needs to be done.
The $130 level continues to be a bit of resistance, so breaking above that level could open up the possibility of an impulsive move higher. That being said, I do not like the idea of chasing a trade like that, so if we do pull back from here, I think the $120 level would be supported, and then possibly the $110 level. The absolute “floor in the market” is the $100 level.
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