OIH - OIH: Moving Higher With Crude Oil

2024-04-10 12:45:51 ET

Summary

• VanEck Oil Services ETF has been catching up with crude oil prices, and a break above technical resistance could ignite the ETF.
• The low level of the U.S. Strategic Petroleum Reserve, or SPR, is bullish for crude oil prices, as it limits the administration's ability to combat rising prices.
• The upcoming U.S. presidential election will likely determine the future of U.S. energy policy and the dominance of crude oil as an energy commodity.

Two months ago, the VanEck Oil Services ETF (OIH) was at the $287.64 level. In a February 2 Seeking Alpha article , I wrote:

While OIH has made higher lows and higher highs since the 2020 low, the highest price over the past years has been $364.08 in September 2023. The bullish bias has not caused oil services companies to recover to pre-2019 levels.

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