US equities are choppy. Meanwhile, WTIC is currently +3.0% in the $93s. The energy sector ETF of XLE is currently net higher for the week by +3.7% at $82.41.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $94.22, helped by chatter that if Iranian production is brought online, then OPEC+ will cut production. Its pretty astounding, as the cartel is overtly pushing for higher prices into end summer.
XLE: energy stocks powering upward, helped by both WTIC $94s and NG $10s. Zero sign of a s/t ceiling/turn.
notable stock: XOM
Yesterday’s hollow red reversal candle played out. Further helped by today’s WTIC $94s.
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notable stock: KMI
Kinder Morgan higher with the sector.
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Equities: sp’60min
A new cycle low of 4124, but we’re still building a floor from orange gap. S/t momentum continues to tick upward, set to turn positive into the close/early Wed’.