Here comes $100 oil
Crude oil futures have been playing out beautifully for log-based elliott wave. Price looks to have struck the bottom of the breakout pivot and is now going up.
The release of SPR today is a farce. It was something that was already part of the 2015 and 2018 Budget plan. What was released today was also 'sour crude', which is high in sulfur and more expensive to process. Not to mention that it has to be all back into SPR by end of 2024.
When Obama ordered the release in June 2011, that marked a temporary BOTTOM in price. With the move today, history could very well be repeating itself.
The release of SPR today is a farce. It was something that was already part of the 2015 and 2018 Budget plan. What was released today was also 'sour crude', which is high in sulfur and more expensive to process. Not to mention that it has to be all back into SPR by end of 2024.
When Obama ordered the release in June 2011, that marked a temporary BOTTOM in price. With the move today, history could very well be repeating itself.
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