Crossing WTI oil's 90 day moving average price. Energy is going to have a bumpy ride....
The last time that the WTI oil price crossed the 90 day moving average was around November 21, 2021. It rose above the 90 day moving average at the end of December.
There was a higher low around December 21 to 23 and that is about when energy stocks bottomed out. It has been a good run for upstream, mid-stream, downstream and integrated company market prices since then... $Exxon Mobil(XOM.US$, $Occidental Petroleum(OXY.US$, $Enbridge(ENB.US$, and so on.
One key takeaway is that the current 90 day moving average of $105 represents the average selling price of oil for the April to June quarter which compares well with the average price for Q1 at about $88, which compares well with an average price for 2021 of about $68.
If these companies "made more money than God last year", then he/she will be really envious in 2022.
But it's going to be a bumpy ride...
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dustinlint : good write up. I disagree tho. with more and more bans on Russian oil the Supply is down the price has nowhere to go but up The Biden Administration has shown nothing but incompetence since day one oil trades on the open market there's not really anything that you can do to make the prices go down except for to reverse the changes he made that limit fracking.... we are not anywhere close being ready to move on from fossil fuels Cleaning Supply out right now isn't going to magically make us ready. oil prices will be up but 110 to 120 before the end of July
zcole1101OP dustinlint: I think so too