Oil feels good as bulls take the wheel – TDS

Jun 18, 2024 2:54 PM

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Crude Oil continues to prove resilient, with upside momentum firming and Commodity Trading Advisors (CTAs) remaining on the bid, TDS commodity strategists say.

Upside momentum in Oil remains resilient

“We still argue that the rally could start to fade as these CTA flows taper. Indeed, any drop below $80.20/bbl and $84.12/bbl for WTI and Brent crude respectively would see CTAs ease up on their buying and liquidated a portion of the recently acquired length.”

“Aside from the resurgent CTA flows, there is still more relative concern about Q4 balances and beyond, which should serve as a resistance to major upside.”

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