February 3, 2023

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WTI crude dips below $73 in total turnaround

1 min read

Oil down more than $2 on the day

WTI touched a six-year high of $76.98 today but it’s been a bruising turnaround since, falling $4 from the best levels of the day.

With the drop, that puts a big three-day reversal top on the chart and an outside day.

I wonder if producers are trying to put on hedges as the start a new quarter and get ready to report on Q2. At $73, many of them are producing extremely high free cash flow and share prices don’t reflect that.

Oil down more than $2 on the day

On the fundamental side, there’s the usual speculation about profit taking and worries about OPEC+ fractures but there’s nothing in terms of news on that front.
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