We always ask how much it can go higher? we always ask when EIA report will drop again? here is small review of what we think will be and we always right.
Yes, right now we at selling points! in our oil stocks, OXY, MRO, DVN, APA For example we said in our paid post 17-23 buy OXY 23-27 Sell and it will jump between those 2 scales, so please read and notice those big changes this week and the next.
The oil will be almost 59 yes may touch 60 but this is too much we are very close to March and how much Russia and Opec+ can cut it more? they still have to eat and for that, they need money big time because President Putin already almost lost his job and life while 20k people arrested he has to feed his army and his billionaire friend ASAP so he will be under tight pressure and he will blow any cut deal that the Saudis will offer, of course, he will Join to UAE, that also waits to rais production while China still needs to drink some oil!
EIA will show a drop of 3-4 MB but Next week already in question – price hiked too quickly and the dollar will go up because we believe Job report also will be good this week but for how much time it will be good? so after we will see a little break in 58$-60$ rates we will see it will go a little down to 52$-55$ till mid-end of March then stimulus will return the stock market a little higher! because as usual, the lawmaker is too slow!
But and this is a really big But, the vaccine can save it all, we have always to watch it VS the Covid new variants, and in its ways with now vaccination rate it is seems that in March the positivism will return! it will be rapped drop in Covid-19 new cases and the stock market will surge with the airplanes back to fly and in Summer we will go again to movies.