RE:RE:RE:SU Chart Update: Easy MoneyMigraineCall wrote: Yes, WTI is being dragged down by Brent, as Gasoline and Heating Oil still strong in NA today.
In addition ot negative China news, Brent and WTI crude dropped through the 21 DMA support so some technical influences are playing out.
SU still unusually strong.
pooltec wrote: Saw the breakout too. More worried about the price of oil now. Some hurricane's possiblities brewing. Wait and see
IMO, i believe market jittery over china slow recovery after covid is overplayed by oil analysts and under estimate the business picked up by thailand, vietnam, malaysia, indonesia, india, africa, south america, mexico and even the USA. Unfortunately, for the time being, oil sentiment still has tie to china outlook. I think China has lost their branding as a global manufacturer due to CCP moronic handling of covid pandemic. I rather focus on oil demand pickup from the above listed countries because that's where the manufacturing have moved to.