Alerts

February seasonals: Crude already off to an excellent begin

Oil begins February robust

Oil starts February strongThe worst time of the yr is over for oil.

WTI crude has one of many strongest seasonal patterns of something. There is a interval of weak point late within the yr that turns into energy in February.

The shopping for got here early this yr on account of the sharp drop to $42 in December however oil continues to be a good distance from from the place it was in October ($76.90).

The excellent news is that the seasonal tailwind stretches from Feb via April in a reasonably constant sample.

Technically, WTI is brushing in opposition to the essential 38.2% retracement of the Oct-Dec drop. If it will probably get via there is not a lot in the way in which till the 50% stage and the 100-day shifting common, each close to $60.

ForexLive


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