WTI crude oil
The West Texas mid-market crude oil market rallied significantly over the week, hitting the $ 43 level again before falling. In this case, it looks like we are trying to break out on the upside. At this point the market continues to see a lot of noise in general, so I think what we’re looking at here is a scenario where we stay in the range until we get some kind of catalyst. If we can break above the $ 43 level on a daily close then I believe we are going much higher, probably looking towards the $ 50 level with sufficient time.
WTI Oil Video 23.11.20
Of course, Brent markets have also recovered, as we are well within the range that we have been in for some time. Ultimately, this is a market that I think will struggle with the idea of going past the 50 week EMA and of course the $ 45 region. If we can break on that, it opens up the possibility of a move towards the $ 50 level. All other things being equal, I think we are probably going out in the short term more than anything else and then finding buyers. All signs point to more consolidation, so it will be interesting to see what happens next. I think we should have an answer in the next few weeks, so keep an eye out for this fork as it will provide clues on the next step.