Oil Price Rally: What's next?

[dan_s]

Trading Economics posted this morning:
"WTI crude futures rose above $75 per barrel on Thursday, climbing for the fourth straight session as renewed tensions in the Middle East further stoked supply disruption fears. On Wednesday evening, Israeli Prime Minister Benjamin Netanyahu rejected a ceasefire offer from Hamas, although US Secretary of State Antony Blinken said there was still room for negotiation. Investors also remained wary of potential further US military actions against Iranian forces and their allied militias. On the demand side, official data showed that US gasoline inventories fell by 3.15 million barrels last week, much more than forecasts of 140,000 barrels. Meanwhile, US crude stockpiles increased by 5.5 million barrels last week, exceeding market expectations for a 1.895 million barrel build."

Note from HFI Research this afternoon with my comments in blue.
As a result, if fundamentals trend the way we think they will, then we see a comfortable oil price range between $80 to $90. < My forecast valuation models are based on WTI averaging $80 for 2024 and $82.50 in 2025.