OIL

Updated: Mar 4, 2021

Given that interest rates are close to zero and must remain near zero out of necessity…

…and the dramatic increase in oil and gas prices since last April’s crash would result in at least a 40%+ YoY increase……and CPI is very positively correlated with YoY increases in gas prices…

…and interest rates are very positively correlated with CPI……will politicians and central bankers allow oil/gas prices to remain at these levels?  I don’t think so.

UPDATE: Mar 24, 2021

CL topped out at 67.98 and has shed nearly 16% so far. It’s a good start, but there’s much more to come. Note the bearish cross in the 10/20 day moving averages. Updated targets after the break…

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