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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Jacob Snyder who wrote (42403)	11/8/2021 11:19:16 AM
From: Jacob Snyder	1 Recommendation Recommended By ajtj99 Respond to of 97463

WTIC: up today, but still below its 20dma, which may be a resistance line for a while. Rumors of strategic reserve releases, in an attempt to reduce prices. The Chinese tried recently to use this tactic, to reduce copper prices. It worked, but only for a little while. Demand stayed strong, stockpiles got low, and prices went back up. Same thing will happen, if governments try to force oil prices down this way. The only effective method to lower prices, is to increase production. That cannot happen overnight, because there is a lag between higher capex and higher production. There is no sign 80$ oil is causing demand destruction, and I doubt we see that till 100$ oil. There is no quick easy fix for high oil prices.