Strong U.S. Crude Oil/Gasoline Demand as Crude Approaches $50

posted in: crude oil | 0

The following two charts help to explain the seemingly relentless bid in crude oil:



We are well above average in terms of demand for both gasoline and crude oil for this time in the year. Moreover demand usually does not peak until August.



The question now becomes how much is the market pricing in and how much resistance exists up at the psychological $50/barrel level:


WTI Crude Oil (Daily)


Rising wedge at resistance ($48-$50)