Gold Market Wire
News, analysis and commentary for gold traders and investors
Crude Oil Update
Crude Oil Outlook - Galvanising the Bulls
October 26, 2022 - (Gold Market Wire) - Our last look at Crude Oil was a positive outlook at the $90.50 level. We got that, and now we are consolidating the gain and getting ready to move higher. The continual SPR drawdowns are performing worse and worse. The market is strong. Once the artificial, not to mention largely ineffectual pre-election pushdown on oil ends, we are going to move higher. We now are becoming increasingly convinced that the ruminations that Saudi Arabia is going to join the BRICS nations may be the real deal. When the market wakes up to that very new reality...oil is going to have a moonshot to the upside.
The above chart machinations could be the 'light' at the end of the bearish tunnel. That late-September reversal looks the real deal. We have been, and continue to be in, the wildly bullish camp since that event.
Long and Strong Crude. The reasons are manifest... from war to politics to storage and especially from exploration and production, and the lack of it.