MacroVoices #385 Dr. Anas Alhajji: 2024 Energy Markets Outlook & More
Macro Voices
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Crude Oil Drawdown
The Biden administration did not recklessly pilfer any more oil out of the SPR this week which would have been the 16th consecutive week if not for the pause. Crude oil drawing down 708,000 barrels. Cushing Oklahoma drawing down a massive 2.9 million barrels. We're right at the make or break point for crude oil. The 200 day moving averages at 77.21 that's the ceiling above the market. A sustained breakout above that level would be massively bullish on a technical level.
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