FYI: Well, the rally in crude oil was fun while it lasted. As the S&P 500 Energy sector broke down to a new 52-week low today, the price of crude oil hasn’t held up much better. After rallying more than 40% from mid-March through early May, crude oil prices have dropped more than 20% from their intraday high of $64.12 on May 6th. While crude oil is now back in bear market territory on an intraday basis, using closing prices (our preferred method) it won’t reach the 20% threshold required for a bear market until it closes at or below $49.94.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/higher-than-expected-inventories-as-crude-oil-nears-another-bear-market/
