WTI Crude Oil is $1.40 to end the week higher


Oil has been a wild trade this week, with the commodity pounding – seemingly without an oil-specific catalyst – to start a rebound on Wednesday.

Crude ended last week at $109.56 and fell to $101.53 on Wednesday. Now it is trading $4 today at $108.19. If he can make an extra $1.40, he could end the week in positive territory.

Even now there is an incredible disconnect in the market. Shares of energy companies have been brutalized this week, with some dropping 20% ​​and yet the commodity is barely negative. Part of this reflects lower natural gas prices, but much of it is recession fears.

In terms of price action, the slow rise followed by a sharp correction is a classic bull market signal. It’s the old “up the elevator, down the escalator” movement.

I thought this note from RBC on Wednesday was particularly prescient.

Remark


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