Aug. 11 at 12:34 AM
$VG
Crude oil is the story. WTI closed at
$82.29 after breaking cleanly above the descending trendline that has capped every rally since late July. Oil has now risen three sessions straight and reclaimed the 50-SMA in the process, with the 200-SMA well below near
$76.50 and turning up. The Houthi strike on Saudi Arabia's Jazan refinery and the ongoing Hormuz blockade have tightened an already strained diesel market, and the SPR is now drawn down to its lowest level since 1983. There's very little cushion left. A close above
$84 puts last month's
$92 spike back in play.