Crude Oil Markets Still Bullish

WTI Crude Oil

The West Texas Intermediate Crude Oil market has been bullish for several months now, so should not be a huge surprise to see that the buyers came back. Ultimately, this is a market that will continue to favor buying on the dips, and the $90 level of course is a major support region underneath. Quite frankly, I thought we were going to go down there and test that area, but I did not get my price. That being said, I never had the thought of shorting this market anytime soon and you can see why now.

The recent nonsense around the Ukrainian border has sent oil prices higher, and at this point in time we still do not know exactly what the Russians are doing. This game of chicken is driving up the price of oil, which of course helps Putin as well.

Crude Oil Video 17.02.22

Brent

Brent markets also rallied during the day as one would expect, breaking above the $95 level again. Brent of course is going to be very sensitive to the situation on the Ukrainian border, as Brent is more of a global standard of crude oil than the WTI grade is. That being said, we are in a bullish market and shorting should be the last thing you should be thinking about. The $90 level will be a major floor in the market going forward, but quite frankly it does not look like we are going to test that level anytime soon. Given enough time, I fully expect Brent to hit $100 a barrel sometime in the next couple of months. In that scenario, you cannot short it.

For a look at all of today’s economic events, check out our economic calendar.