Hint: $70 oil, perhaps? Just a wild guess
Tom KirkmanIndependent Project Manager
Hint: $70 oil, perhaps?
Just a wild guess …. : )
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“… The judgment of traders has been to push small gains in March with Brent moving from $66 to $68 while S&P 500 heads for a 20-point gain to 2,820.
This price action has been consistent with a year-long trend for oil.
… Looking ahead, we’re guessing a sideways price range is the most likely path for crude oil prices as risks balance out in the high $60s. While it’s certainly true that fundamentals are improving, we think that US Dollar strength and weak demand growth should limit the potential of the existing price rally.
… Brent climbed towards $68 this week while WTI increased to $59. WTI is higher by nearly 33% YTD while Brent is up by about 28%. Both contracts continue to trade in technically bullish patterns and have avoided corrections by slowly gaining upward momentum. Prices are headed towards their best Q1 since 2002. …”