Daily Alert – Tuesday 19th July 2022: Multiple factors boost oil

Mark NugentDaily Alert, July 2022

Daily Alert – Tuesday 19th July 2022: Multiple factors boost oil

Good morning.

WTI (oil) moved up yesterday by almost 5 percent. There are several reasons. Firstly, the Saudis rebuffed US President Jo Biden’s request to pump more oil. In fact, the Saudis are already pumping at close to their all-time highest rates. Next, we have a disruption on the Keystone pipeline which has cut supply of some Canadian oil to refiners in the US. Then there is the ongoing US and European attempts to cap Russian oil prices. Finally, the strong USD, in which oil is priced, is having an impact.

I went long on WTI at the close of yesterday’s daily candle after a solid move up from support.

We’ll be back tomorrow.

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