Oil's FutureWhat a drop from $112 yesterday to $105 today. I think that the days of $120 Oil are slowly coming to a end. Think about it, Oil is up because of the War but Russia has alot of Oil that its selling to other countries that will cut the demand from North America and then we have companies that are bring on new wells every day and pumping more so at some point our inventories will rise dropping the price of Oil and with the auto industry going electric these high Oil prices will force people into buying electric vehicles and that will also hurt demand. When Europe bid down Oil to $102 that just proves that the World see's Oil demand dropping and everyone is cashing in on the high Oil prices..
June 14th we were at $123 and today we're down $9 to $105. The Government is already trying to take measures to reduce demand and the price of Oil. Then you have Middle East pumping Oil like threes no tomorrow taking advantage of the high Oil prices and OPEC will raise output and that’s going to happen sooner than later and high Oil prices have only been with us for 2 months and it's already heading lower. We're going to hit $100 Oil again as our inventories rise. Just look at the Oil Futures chart and you'll see that Oil drops and then goes higher then drops then goes higher and this is our 3rd drop since June 14th and Oils up and then it will drop, check it out! Put up the 1 month chart and you'll see what looks like steps going down towards $100 and once we break $100 the psychological barrier then we'll be in $90 Oil. This might take a month but that’s exactly what I see happening. Now that the World is used to the War and demand will fade the panic buying of Oil is over. HOD is a Buy and Hold right now because we will continue to head higher. JMHO (always DD)
https://tradingeconomics.com/commodity/crude-oil