- Earlier this morning, WTI and Brent timespreads were surging higher only to reverse intraday.
- We see oil prices peaking in the near-term with the consolidation lasting to the end of November.
- For energy stocks, the lack of participation as of late despite surging oil prices signal to us consolidation is already underway. This pullback will be, however, mild compared to summer.
- Once the technical indicators reset, we see energy stocks and oil moving higher into year-end.
For further details see:
The Intraday Reversal In Oil Timespreads Likely Signals A Near-Term Peak In Oil Price