Crude oil futures rallied back to their multi-year highs yesterday as the Ukraine troubles continue – remember Russia is the worlds 2nd largest oil producer which means the escalating sanctions could easily see prices challenge their decade highs. MM believes this month could see a blow off top for oil with the median level between 2011 & 2014 feeling a strong possibility i.e. $US110-120/barrel – what an amazing example of how markets change, in the midst of the initial COVID panic some oil futures contracts actually traded into negative territory i.e. holders of some contracts were paying others to take delivery of oil!
MM remains long and bullish energy stocks but the move is maturing fast
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