February 23, 2025
Trend: Short-term = Neutral; Long-term = Bullish
- On the bullish side, Trump is looking to apply strong sanctions on Iran & Venezuela which could reduce up to 3 million barrels/day of oil inventory
- There is a large short position on oil right now & any reversal of those positions could give oil a boost
- Tensions rising between US & Iran with Trump threatening Iran to negotiate nuclear disarmament
- On the bearish side, if US wants a global trade war it could cause a global recession which would hit demand
- Also, OPEC has announced they will begin adding back previous shut in production starting in April
- Near-term, could see this rally run up to 70.00 level but then another test of 65.00-67.00 is very possible
- Longer-term we should see 80.00-90.00 by year end
We like energy going forward.
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