Oil to be $100+ - How midterm results will affect OilHello everyone,
I've been looking at #USOIL for a while now and I want to share my setup with you. A quick look at the fundamentals of Oil market along with a beautiful chart for oil tells me there is no stopping oil in the short term.
Some reasons for bullish Oil:
- Potential legislation to tax Oil giants floated by Biden in the closing days of midterm
- Dem victory means less incentive to pump oil, increasing risk of new Oil investment (due to potential Climate Legislation) which decreases the supply
- Strategic oil reserve at all time low: Biden will stop releasing strategic oil (to lower gas prices) as the midterms are finished
- Russian oil is no where to be seen on the western market
- Canada unable to supply more oil as we go into winter
- Iran nuclear deal is dead: Indian and Chinese demand will fall on the Saudis
- MBS not increasing the Oil supply as Dems had good midterm election
And so many more. Oil fundamentals are very bullish. I'm expecting a return to 2022 high of $120 this winter which is not unexpected.
Take a look at my previous Oil setup:
Let me know what you think!
