Our team is watching crude oil prices collapse. The nearby futures are down more than $6.00 per barrel in the first two days of trade. The last time price dropped below $72 (in December 2022) the US Department of Energy bought 3 million barrels to begin filling the Strategic Petroleum Reserve. I expect active buying again this week. In effect, this creates a giant put for the energy markets within the next $3 down in crude and 10-20 cent down in gasoline and diesel.
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