Oil begins February robust
The 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.