Crude Oil Market Continues to See Buyers
would be healthy, and I do think that given enough time we will probably try to fill the gap underneath. That could have the market going to the $105 level, which is a very reasonable short-term pullback. For that matter, I believe that we could pull back to the $100 level as well, as it was the scene of the most recent massive push higher. There is a certain amount of “market memory” just waiting to happen there, so I do believe there will be a lot of interest.
On the upside, believe that the market will eventually go looking towards the $120 level, and that could happen much quicker than anticipated. After all, we have seen a lot of people worried about the Russian supply, because even though there are no real flat-out restrictions on Russian crude, on the whole, the reality is most shipping companies have no appetite to take the risk of moving the product. This essentially takes 10% of the world’s crude oil out of the market.
If we do see the market move above the highs right away, then we will become parabolic, which is a very difficult and dangerous market to be involved in. Regardless of what happens next, I do believe that you probably need to wait for some type of pullback in order to find value in this market.
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