$100 WTI Crude Oil is in the rear view mirror. And we have a war. To see where we go from here, let's look at the long-term chart to see where we have been:
The above is today's nearby crude oil futures 20-year daily chart. It includes the current $109 peak and the 2008 $140 peak. While crude oil rallies appear relentless, note the fantastic declines from peak highs. Given this peak, and this war, our highs may not yet be in. History says there is $40 or more to go, but no one knows.
All we can guess from this chart, and hope for, is a crushing collapse from the next peak. If and when the Ukraine War ends, we can only hope for a major break. If it ends quickly, the break may be historic.
Disclaimer: Posts are for education only, may be subject to change without notice, and, while prepared with care, may be subject to omissions and errors. Send request to gdrahal@outlook.com to follow this blog and for additional information.
© 2022 George Rahal
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