MacroVoices #365 Dr. Anas Alhajji: Energy Markets and Lessons Learned Since the Russian Invasion
Macro Voices
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The Crude Oil Market Continues to Be a Big Bad Bear Market
EIA inventory printed a build of 1.2 million barrels, but compared to the last eight weeks, which were just huge builds. Tape action was up after a smaller than expected build, but really not that much immediately after inventory. The real test, though, is up at 80-spot 38, which is the 100-day moving average on the continuation WTI contract. If we get a reversal here, it would suggest that we've retested what used to be resistance as support and maybe set for a leg higher.
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