$WTI (Crude Oil WTI) is moving hard: +4.55% on the day, now at 81.74.
Day range: 77.80 – 81.80.
Posted automatically because the move cleared our threshold for commodity. What's your read?
Geopolitical tensions are a big part of it, specifically around the Middle East. That tends to give crude a quick pop, but whether it holds is another question.
Seems like the market is pricing in sustained demand. Supply hasn't really changed for the better, so any slight positive shift on the demand side just ramps up the price.
Heard chatter about a potential supply disruption in the Middle East, plus some inventory drawdowns. Could be the confluence of those factors.