Oil is back near $120 again, and at this point looking to break above early 2022 highs. What stops this freight train from hitting $200 this year? Definitely not the warm gulf waters as hurricane season looms, just take a look at how we are setting up into the summer:
As for your movers today, oil & gas names are stealing the show once again, with a hint of Biotechnology.
On my scans I’m seeing lower-tier oils litter the list, names like $IMPP & $HUSA hitting the tape. I also see $LABU fighting its was back on scan. I still hold some $RIG & $REI for my oil needs & tempted to try another LABU trade. Let’s see if we get a big momentum shift back into the oils as the rest of the market struggles to find its way. Developing…If you enjoy the content at iBankCoin, please follow us on Twitter