COM - U.S. crude nearing $50 but energy stocks running out of gas: Alpha Tactics

WTI futures (CL1:COM) (USO) settled above $49/barrel for the first time in nearly 10 months on Friday. Brent futures (CO1:COM) settled above $52/barrel and are also around prices not seen since late February.WTI has kept up momentum this past week, breaking through round-number resistance at $47, $48 and $49 for a gain of 4.5%. It’s now up about 37% since the start of November.Prospects of an COVID relief deal in Congress providing another $900B to the U.S. economy has buttressed hopes that vaccine distribution will get people traveling and commuting again and boost demand.Baker Hughes’ weekly survey showed the count of U.S. oil rigs added 5 to 263, the fourth-straight increase and the highest level since early May.It’s “not so much as where we are on oil, but where we have come from that makes the move so amazing,” Phil Flynn, analyst at Price Future Group writes.“From negative oil prices

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U.S. crude nearing $50, but energy stocks running out of gas: Alpha Tactics