FYI: Since crude oil’s recent highs in early May, the commodity has been under steady pressure with a series of lower highs and lower lows on a short term basis. Today, the price of front-month WTI futures dropped below $43 and is now testing potential support at the low end of its range since its mid-April break out. Crude oil and equity prices have been closely correlated since earlier this year, and while correlations don’t go on forever, the fact that crude oil is stumbling is a short-term worry.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/summer-swoon-at-the-pump/
