Still looking for oil, both Brent and WTI, to work lower. We think Brent will have risk to 80 and we’re looking for the WTI December Futures Contract to work to 80, too. However, 72 – 72 was the last breakout level for the Dec 2022 Futures Contract that happened in early 2022 and that looks to be in play. Please notice how both weekly MACDs (middle panels) are decelerating at a rapid pace. The bottom panel in the Brent chart shows it vs. the Bloomberg Commodity Spot Index and the bottom panel in the WTI chart shows it vs. the S&P (done on purpose) and oil is weakening vs. commodities and the S&P.
WTI December ’22 Futures Contract – Weekly w/ 40-Week MA, MACD, and Rel to S&P
