Crude Is Heating Up

Crude Oil Looks Ready to Push Higher

This ought to bring out the trolls here on Friday, September 4! We’re heading into a three-day weekend, and what may look like a double top on the crude oil chart doesn’t look like one to me.

Instead, we have a flat top with an ascending triangle, which favors a breakout to the upside.

Trump’s tweets aren’t getting the price of gas, diesel, or crude oil much lower at this point—and frankly, diesel fuel is the bigger story.

Take a look at the continuation daily heating oil chart. Diesel is trading near its March highs, creating the equivalent of crude oil trading around $120 per barrel.

Diesel fuel has corrected over the past two days, while this morning’s jobs number strengthened the U.S. dollar. A stronger dollar is typically negative for energies, but so far, it doesn’t seem to matter.

Why?

Diesel refining capacity remains under pressure. Russia has banned exports because it needs the fuel domestically, while continued Ukrainian attacks are adding further strain.

The point I’m making is simple: crude oil may be setting up to push higher over the next week.

Jared Kushner and Steve Witkoff are reportedly headed to Russia on Saturday and Kyiv on Sunday. Previous diplomatic efforts have yet to produce a meaningful breakthrough, so we’ll be watching closely to see whether anything changes this weekend.

Like and follow us for more market updates, and don’t forget to try our seven-day free trial to see what we’re up to!

>>>>>>>>>>>>WANT MORE LIKE THIS?      CLICK HERE TO GET MORE OF OUR GRAIN AND CATTLE VIDEOS SENT DIRECTLY TO YOU<<<<<<<<<<<<<<<<<<<<<<