XLE - Will the oil FOMO trade soon run out of gas?

Crude oil is sliding below $60/barrel, with WTI futures (CL1:COM) (USO) down 1.6%, despite the freeze in Texas disrupting U.S. oil production by up to 2M barrels per day.Crude has rallied 17% from the end of January to the recent high hit on Wednesday.And now oil feels like it’s gotten ahead of reality and buying could dry up in the mid-to-low $60s, says Carley Garner, commodities strategist at DeCarleyTrading.com.While “our long-term expectations of the oil rally have been met, we didn’t expect the move to happen as quickly and without traders contesting it,” she told Seeking Alpha. “From the low-$50s into the low-$60s, we have seen very little back-and-fill trade. This tells us the move is largely propelled by short squeezing and FOMO buying (Fear of Missing Out).”“The one-directional oil rally is not unlike what we have seen in other runaway markets such as Bitcoin and Tesla, only to a

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Will the oil FOMO trade soon run out of gas?