Oil-related stocks are cooking now!
Exxon $XOM, Conocophillips $COP, and Hess $HES have all formed Golden Crosses Source: Barchart
Below the relative chart of oil ETF $USO vs. S&P 500 ETF $SPY and the relative chart of oil stocks XLE vs. S&P 500 ETF $SPY.
Both just hit a 4.month relative high Source: J-C Parets
BREAKING: Oil prices have officially broken above $85.00 for the first time since October 2023.
Since the December 2023 low, oil prices are up over 25% as geopolitical tensions have escalated. This comes as PPI, CPI and PCE inflation all posted year-over-year increases in February. Demand forecasts are being raised and supply disruption risks continue to rise. Higher oil prices are simply just the new normal in the post-pandemic world. Is the fight against inflation really over? Source: The Kobeissi Letter
Oil prices are now up 17% this year and well above $80/barrel again.
OPEC remains committed to production cuts and geopolitical tensions have threatened supply. Meanwhile, global demand forecasts are being raised and inflation is rebounding. Even as non-OPEC production is at record highs, oil prices continue to skyrocket. It seems like high oil prices are just the new normal for consumers. And it is not gooing to help healdine inflation to move back to the Fed's target. Source: The Kobeissi Letter
Crude Oil is approaching a Golden Cross formation with an upward sloping 200D moving average.
The last Golden Cross sent Crude Oil soaring to its highest price since August/September 2022. Source: Barchart
The US is now producing more oil than any country has in history
Source: Michel A.Arouet, Chartr
Believe it or not oil is outperforming the NASDAQ this year
Source: Bloomberg
Visualizing the Rise of the U.S. as Top Crude Oil Producer - by Elements & Visual Capitalist
Over the last decade, the United States has established itself as the world’s top producer of crude oil, surpassing Saudi Arabia and Russia. This infographic illustrates the rise of the U.S. as the biggest oil producer, based on data from the U.S. Energy Information Administration (EIA).
