WTI reached our 74 target back on Nov 19, even overshooting it slightly before rebounding to backtest its 200-day moving average. All of this was as expected, as is the latest tumble. 
We sympathize with the fundamental analysts who can’t square these price movements with the very upsetting geopolitical unrest. But, oil/gas prices are some of the most important levers for central bankers bent on controlling inflation and interest rates.
Futures are up modestly this morning as we head into the holiday weekend.
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