Crude Oil Markets Continue to Grind Higher

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied again during the course of the trading session as we have seen the market reach above the $83.50 level. That being said, the market is likely to see a lot of noisy behavior, but at the end of the day it is still very bullish. I would love to see some type of pullback in order to find some type of value as we have been so strong for so long. Nonetheless, there is no way you can short this market and I would be very interested in it near the $80 level if we get some type of opportunity. Otherwise, if we break the $85.50 level, we are simply going to continue going higher.

Crude Oil Video 17.01.22

Brent

Brent markets have also rallied significantly to test the $86 level, an area that of course will attract a certain amount of attention, but at the end of the day this is a market that continues to find buyers on dips and that is exactly how I want to get involved, on dips. The market will continue to see a lot of value hunting out there, and I believe that the $80 level is going to be a major support level that a lot of people will be paying close attention to. That being said, I like the idea of finding value any time we get an opportunity, and therefore you need to pay close attention to any type of support after a pullback. All things being equal, this is a market that I do like and I think as long as the US dollar continues to have trouble, it is likely that will only be yet another tailwind for this market.

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