cl1 - oil TA outlook for 2022
Oil has been red hot since the pandemic - many ask if they are late, and I do not think so.
Reasons why I am bullish oil -
Ecomm - shipping and freight are going to have to adapt to keep up w pace of adoption and need for quick deliveries. Primary source of transport across the oceans is still tankers.
Underinvestment in hydrocarbons - we are not ready for this new world that politicians love - unfortunately for mother earth we are still very much dependent on fossil fuels
Russia & China on offense, tensions around globe.
I think we see the trend on the left hand side test the high of 133 before YE and I expect we blow through the 103.19 a barrel by June - if we dont have a long winter... 84.71 shuold hold as resistance
Reasons why I am bullish oil -
Ecomm - shipping and freight are going to have to adapt to keep up w pace of adoption and need for quick deliveries. Primary source of transport across the oceans is still tankers.
Underinvestment in hydrocarbons - we are not ready for this new world that politicians love - unfortunately for mother earth we are still very much dependent on fossil fuels
Russia & China on offense, tensions around globe.
I think we see the trend on the left hand side test the high of 133 before YE and I expect we blow through the 103.19 a barrel by June - if we dont have a long winter... 84.71 shuold hold as resistance