OIL

Jul 15, 2023

Reduced US oil inventory and OPEC+ cuts will bite + summer demand. Oil left consolidation range. The price after retracement before weekend should go up. On the down side worst than stated Chinese data are expected to print at the beginning of the next week. This was most likely the reason of the correction before weekend.

Jul 21, 2023

Comment

Old consolidation range was 67-74. The new consolidation range is 74-77. Oil have chance to shot from 77 to low 80ties. Tightening oil supply, seasonal demand, better than expected economy perception/now it is very pessimistic (will be reflected in earnings - earnings will be higher due to inflation).