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very bullish in the oil sector here


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#1 gannman

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Posted 03 January 2022 - 10:54 AM

its looks to me like the whole sector did 5 waves up into early november 

 

and then a wave 2 pullback into dec 20 and that we are now starting 

 

a wave 3 up . much higher prices ahead imo


feeling mellow with the yellow metal


#2 Douglas

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Posted 03 January 2022 - 01:16 PM

gannman, the charts below from ycharts.com tell the same bullish story.  Fewer rigs drilling even though miles driven has more or less returned to "normal".  Higher demand with reduced supply and ECO 101 says energy prices are going up, that is unless the FED starts selling WTI futures now that they're tapering buying bonds.  Well, they've got to do something with their left over pile of funny money, and they bought all that fancy paper and green ink on sale that they need to use up.

 

Regards,

Douglas

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Edited by Douglas, 03 January 2022 - 01:21 PM.


#3 gannman

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Posted 03 January 2022 - 04:03 PM

nice !! thanks for that info Douglas much appreciated


feeling mellow with the yellow metal