It's a good time to reassess the price of oil after the drop. As noted 3 months ago wti 75 was a possibility but market seems capped at wti 73 for the technical resistance.
Be interesting to see how consumer demand is during this memorial day weekend with high gas prices at the pumps.
I’m chuckling here. You were quite bearish oil and Brent hit over $80 with WTI just under $73....in May!
Anyway, as posted here , I sold some chunks 10 days ago or so and it worked out well. I expect the OPEC jawboning gives the bears a chance to test $66 then $62 on WTI in the next few weeks prior to the OPEC meeting.
Then, OPEC will at worst just decide to replace some lost Venezuelan production and the oil market will move to bull mode until the Fall. I expect $85 for Brent and up $78-80 for WTI in July.
On another note, my TH.to/THERF closed at another all time high today. The market is beginning to comprehend their earnings power and my target is $30 Canadian next year so a double from here. First shares bought at 30 cents