March to 100

 As I write, the nearby WTI Crude Oil futures contract is up neary $3 to $93 a barrel.

This is $7 shy of $100.  

In crude's 40 year NYMEX trading history it breached $100 for only 6 years, from 2008 to 2014.

Source: Barchart.com

Strangely enough, April 2020, less than 2 years ago, at the onset of Covid, the crude futures price was negative, touching minus $40 a barrel. 

Looking at the long-term, after breaching $100 and most likely much more, the outlook for mean reverting commodities-supplier greed being what it is-is more moderate price. From one acopolypse (2008 peak oil) to another (2020 post-fossil fuels), the energy markets are refunding. The geopolitics of the oil patch is flush again and may be the host of past problems revisited. 

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© 2021 George Rahal.