Gold Market Wire
News, analysis and commentary for gold traders and investors
Crude Oil Market
Crude Oil Closes in on the High Close
January 12, 2022 - (Gold Market Wire) - Crude Oil is now closing in on the Daily Closing High, as it takes yet another leg higher in the march to $100 a barrel oil - a target that is now coming into the range of possibility. Since December, the market has added some 20%, and looks prepared to move higher.
This is the type of market that starts to look like a complete reset, rather than a bull run. The exploration and production of oil, now not just starved from finance and development by the Green lobby, but actively being dismantled by it is going through a complete change. Oil is going to become a precious, expensive commodity that only the super rich can afford, not because of scarcity - but because of Green legislation. More and more people are going to find travel unaffordable, and homes more difficult to heat.
Greta Thunberg must be ecstatic with everyone's encroaching misery.
Addendum: adding in the power uptrend, redrawn with the latest action... and the primary trend line (in purple):