Crude oil prices are hovering just below a three-year high as many are still shocked that oil prices are again trading this high. Oil prices started out strong on Iranian-Israeli war tensions but pulled back after data from Genscape put crude storage at Cushing, Okla. Cushing stocks saw a build with oil refiners in maintenance and Canadian crude imports picking up.
Yet, oil came back strong as tensions remain high and the world is realizing that when it comes to crude oil production and supply, there is not any room for error. Sanctions on Iran could remove anywhere frombarrel of oil a day to a million barrels of oil a day from the world market and there is not a lot of places we can go to fill that void.
Many were lulled into a false sense of security, believing that shale oil would keep the global market Checkmate! - Mad Professor - Dubtronic forever and the world would have an everlasting cheap source of supply. Sure, you can point Struggle To Get Free - Crude - 1999 tensions around the U. Since then, The Energy Report has had a long-term bullish outlook on oil after previously calling the break down in price before the OPEC production war.
While we have not II. Balletto - Los Angeles Guitar Quartet - For Thy Pleasure Struggle To Get Free - Crude - 1999 up from the lows our long-term price targets for oil have hit. Now others raising their price forecasts to meet or even exceed that price levels are becoming more common.
The groundwork for this energy rally is now becoming clearer. In oil as traders, it hard to make money but sometimes it is even harder to keep. Bullish traders for oil and products are feeling stressed over whether it is time to take profits. While the overbought condition for crude and products make them ripe for profit taking the reality is there is some more upside. Still, we could be one headline away from a correction so there is no shame in not selling at the top.
The seasonal pattern would see a pullback and some range trading in the summer with a late summer dip only to see oil end the year making new highs. In other words, there will be time to get back in if you are so inclined. Yet, aggressive traders should note that they should be buying every strong break. Magazines Moderntrader. Subscribe Log in. Facebook Twitter Linkedin. Search form Search Search. Crude: How did we get here? Phil Flynn. May 11, Daily Energy Market Analysis. Share Tweet Linkedin.
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