RE:Absolutely no reason to be sellingsmallcaptdr wrote: No surprise that the US pushed Oil down to $72- but there's no reason for it to be that low plus the push lower wasn't a powerful sell-off by any means and $73 is still holding so no reason to panic plus everyone is aware that Oil will be heading higher through the weeks and months but with recent touting about China`s recovery possibly showing higher demand coming sooner will only help Oil. Putin has been tight-lipped, you would think that he would at least of made a statement to his countrymen about this latest cap because you would think everyone would be worrying about the economy and the war. Putin will make a statement, just when, If Oil closes $73 could be the start of further gains. Didn't work out as I was hoping for Oil to open higher but we're green and I'll take that. Hoping for Putin to make a threat to cutting production tonight and this is the quiet before the rally. overseas kept Oil average $73 supporting this level and the US is following. This would be the worst time to sell because sitting at $73 the odds favor the upside. Everything is good right now we are where we should be and $73 will be the bottom before the rally. Hopefully, Biden comes out with a large order of 100Mil+ barrels or any other amount.
us oil inventories forecast for feb/8th is a 2.150M build, i am predicting 3 to 5M build (possibly higher). i think oil will move lower this week. in my opinion april will be the time to get in this year ahead of driving season.