WTIC Light Crude Oil: Wall Street finally wakes up after WTIC crude oil prices collapse

 


Here's the Bloomberg headline that just came out today, "Goldman Sachs No Longer Sees Oil Reaching $100 This Year". Here's what Goldman Sachs said in February, "Oil will rise back above $100 a barrel this year and may face a serious supply problem in 2024 as spare production capacity runs out", per Fortune.

In fact, WTIC crude prices have been on the downside since President Biden authorized the DOE to release up to 180 million barrels from the SPR in March 2022. The first bearish sign, a death cross, emerged in September 2022.

Beware that WTIC, which traded as low as $65.65 on Wednesday, could head down to the $50 a barrel level if the support level at $65 can't hold.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

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