In a 13-year downtrend
Failed to break $41-43 range while equity market rallied
Supply is increasing while demand stays stagnant
Total OPEC barrel production/day has increased the last 3 months
Q120 – 8 million excess barrels/day
Q220 – 10 million excess barrels/day
Seems to sell off with the indices but doesn’t always rally with them
Breakdown to $30 in the next couple weeks
Below all moving averages on the weekly time frame
Could get ugly if we see countries in Europe implement another lockdown. Winter is also coming.
Oils’ “rally” has been on very low volume
Failed to break $41-43 range while equity market rallied
Supply is increasing while demand stays stagnant
Total OPEC barrel production/day has increased the last 3 months
Q120 – 8 million excess barrels/day
Q220 – 10 million excess barrels/day
Seems to sell off with the indices but doesn’t always rally with them
Breakdown to $30 in the next couple weeks
Below all moving averages on the weekly time frame
Could get ugly if we see countries in Europe implement another lockdown. Winter is also coming.
Oils’ “rally” has been on very low volume