Crude Oil Markets Have Explosive Week

WTI Crude Oil

The West Texas Intermediate Crude Oil market has exploded to the upside during the trading week, as the $90 level has been overcome. We are a little overextended at this point in time, and I think that plenty of buyers will be willing to jump in and take advantage of any short-term pullback. The $85 level is going to be well defended, right along with the $90 level on shorter-term charts. Nonetheless, I think oil goes looking towards the $100 a barrel level, at the very least. At this point in time, there is still a lot of demand for crude oil as the world reopens.

WTI Oil Video 07.02.22

Brent

Brent markets have rallied significantly during the course of the week as well, as we have sliced above the $90 level. The $93.50 level has been targeted, and I think that any short-term pullback at this point in time will continue to look as being value. I have noticed in shorting this market and I do think that eventually we go much higher, at least the $100 level. I would not be surprised to see the market overshoot to that direction, but at this point in time I have no interest whatsoever in shorting this market anytime soon. Quite frankly, we are in a very bullish scenario, and I certainly have no interest in trying to get too cute here and short this market on any pullback. Simply waiting for a little bit of value is probably the best way to go, and therefore I will look for opportunities on those pullbacks as so many traders think the same way.

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