The big move up in oil is probably not over yet
- Markets & Mayhem
- Mar 20, 2022
- 2 min read
From both a fundamental supply and demand as well as technical perspective, oil seems to have legs to keep moving higher. The key hydrocarbon energy source is seeing both constrained supply from a lack of domestic exploration and production, as well as sanctions on Russian exports. Rig counts have never normalized post-COVID, meaning that as usage patterns do normalize we see even less elasticity of supply.