Brent is heading to $70/bbl

[dan_s]

Saudi power struggle means oil prices will hit '$70 before $50,' analyst says

•Oil prices are more likely to rise toward $70 a barrel than fall back to $50 a barrel after a purge of Saudi princes and ministers, one energy analyst told clients Monday.
•The crackdown is a sign that Crown Prince Mohammad bin Salman is consolidating power as he attempts to reshape the Saudi economy.
•Others say little has changed in Saudi oil policy following the crackdown.

Full Report: https://www.cnbc.com/2017/11/06/saudi-p ... re-50.html


MY TAKE: Supply/Demand fundamentals eventually determine oil prices. The global oil market is tightening and I think it may be tightening much faster that most Wall Street analysts believe that it is. I think some analysts are using the situation in Saudi Arabia to hide their mistakes on supply/demand. Regardless of the reason, $60/bbl WTI is what we all want for Christmas. "Please Santa, put some $4.00 natural gas in my stocking too."

[dan_s]

Go to this link and watch the video on right side of page: http://www.cmegroup.com/trading/energy/ ... crude.html

Another technical trader I follow says if WTI closes over $59/bbl it has a clear path to $65.