Oil – Up, Up and Away?

As I mentioned in my Blue Skies Ahead for Crude Oil? – Guttman Energy blog post on December 22nd, WTI was trading around $71.80//barrel, above its $71.38/barrel moving average. If it settled above that level for a few days, we thought that the temporary lows were put in and we were on the way higher […]

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Blue Skies Ahead for Crude Oil?

Crude oil prices have been on a tumultuous ride for the past month, but is the worst behind us? We first learned of the Omicron variant in South Africa on Thanksgiving Day, and when financial markets re-opened on black Friday, the oil patch was terrified. As you can see in the chart above, WTI crude […]

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Releasing the Reserves

On Tuesday, the U.S. announced it would release 50 million barrels of crude from its strategic oil reserves.  This move comes in coordination with releases from China, Japan, South Korea, India, and the U.K. as an attempt to combat the prices from OPEC+.  OPEC+ meets on December 2nd to evaluate their response to this move, […]

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All Eyes on OPEC+

Now that the Ever Given has been dislodged from the Suez Canal, the oil market can look forward to the OPEC+ meeting on Thursday and the outlook for possible resurgences of COVID-19 to determine future price direction.

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