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WTI Oil: Firm Till May, August Downside

Published 05/06/2018, 12:57 AM
Updated 07/09/2023, 06:31 AM
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Crude Oil, Gold, and Bubbles Canadian Dollar, US Dollar, and Yield Curve

WTIC Weekly Chart

Crude Oil

Crude oil could also be firm into May. The last low was 58 in February and the high was 69.55 in the middle of April. Last week, we said the move was “good enough for us.” As in, it was time to get out of the “Patch.” Oil stocks, represented by the Energy Select Sector SPDR ETF (NYSE:XLE), had a better run, reaching 74.67 last week. The correction has been to 72.80. The conclusion was that the upside is limited and the downside (after August) was bigger.

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