WTI Crude USOIL -Higher prices ahead. What else will be affected
WTI CRUDE OIL - Breakout, Retest, resumption.
Slight Overhead resistance @ the .618 level - $81.00 range;
If & when that level is broken - Test of the .786 $110.00 level would be expected.
- Higher Oil & Natural Gas prices will cause another, larger wave of inflationary pressures on consumer goods.
- Alternative Green Energy initiative would find itself harder to compete in a low NG & Oil price environment.
We know what the focus of the FED, and Government is and will continue to be regarding renewable energy.
Given this, I would expect the intentional push for higher OIL & NG to continue.
Whether that be by a ship stuck in a canal, Refinery explosions, or whatever is next to come.
Inflationary pressures on consumer goods are also very likely to be affected by increased Oil prices, combined
with current manufacturing, Labor, & supply shortages.
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