RE:RE:RBC says the floor for oil in 2023 is already in Incredible volume this morning. The whole days average volume is already in. Volatility is high.
I'm no chartist, but I do know that volume and volatility usually precede large moves. Which direction will it go?
Cobalt wrote: Saw a great analyst the other night what is his China opening play BABA? KWEB? etc nope Oil
JohnnyDoe wrote: This will be a very good year for bte if this forecast holds true
RBC analysts Helima Croft and Michael Tran say they'd “not be in the least surprised” if oil prices had already found a floor in 2023. In a note to clients, RBC said the lows of US$72 per barrel could in fact be the floor for crude this year, with expectations for an average of US$92 per barrel through 2023. China's the keystone here – RBC reckons Beijing's abandonment of its COVID-zero policy is “far from priced” into energy markets, thus its view for materially higher prices throughout the year.