ES Journal - 2019/2020

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WTI Crude oil (CL) has reached up to mid March highs (after the gap-down.) We reached $36.59 today and it's been pretty much straight up since mid-April. Yesterday was a wild day where 3 minutes before the NYMEX pit closed, the price hit $35.00 and then went straight-up 70 cents in the next 10 minutes....a move which normally takes an hour or two. That was truly a message meant for the short sellers. Still, given the incredible high inventories and relatively weak demand, it's difficult to see oil back above $40 anytime soon. $35 is said to be a critical level needed to support the economies of small oil countries like Ethiopia. Also, some shale oil producers can make some money at that level, but most need $50 to be profitable.
Besides OPEC, big proponents of higher crude prices include the Fed and Goldman Sachs....no surprise there.
https://economictimes.indiatimes.co...n-oil-prices-in-2021/articleshow/75529774.cms
 
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