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Christopher Lewis
WTI and Brent Crude Oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market has shown itself to be rather lackluster during the trading session on Thursday, as we begin to wonder about stimulus and how long it will take to get here, let alone how big it is going to be. After all, the market has been anticipating stimulus for a while so one has to wonder whether or not it is completely priced in? That is going to be the case, then you have to wonder what the next catalyst for higher oil prices might be, as there is not much on the horizon due to the fact that we already know that OPEC has been cutting production.

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All things been equal though, I do think that it is only a matter of time before we see some type of movement, and I suspect that the next move is probably to pull back towards the $50 region.

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Crude Oil Video 22.01.21

Brent

Brent also showed a very serious lack of interest during the trading session, so I think it should be looked at through the prism of a market that may have gotten a little bit ahead of itself as well. However, you could make an argument for a bullish flag, so I am certainly not going to be looking to short this market. If I were to short crude oil it would be in the WTI grade. To the upside if we can clear the $57 level then we can fulfill the move to the $60 level. In the meantime, we might be susceptible to short-term pullbacks, but I still believe that there are plenty of buyers underneath waiting.

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

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