🛢 WTI Crude Oil seems to be waking up, as anticipated.

Over the past three weeks, it's gained 13.23%. What's going on with black gold?

🛑 On January 4th, the 8 core members of OPEC+ reaffirmed their intent to pause any production hikes through at least March.

🛑 EIA reported crude stock declines of -3.8mb (January 10th) and -2.3mb (January 24th). These substantial American inventory draws signal firmer demand. At around 11.08M (2.5%) below the five-year average, stocks are bullishly constrained.

🛑 The geopolitical premium continues to increase as American-Iranian tensions remain aggravated. Reasonable fears of supply shocks due to war are pushing up the price.

🛑 Ansarallah added to the aforementioned premium when they recently began highlighting their martial successes in the Red Sea & the Gulf of Aden. The Houthis are threatening to engage America & Israel should they choose to attack Iran again.

I would expect initial resistance around $65-66/barrel. I would expect more meaningful resistance between $70-72. And if it were to pull back, I'd be positive about a higher low that holds up at or above $60.

This is in no way, shape, or form any sort of financial advice...

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🥇🥈 Gold & Silver Set All-Time Highs (Again)

Gold is up 23.2% year to date. The futures contract hit $5,626/oz today before pulling back almost 5%.

Silver continues its insane run. It's gained 60.6% YTD and it's now trading at $114.82/oz. Year over year it's up 270%—no other major asset really approaches that (except almost platinum).

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🇺🇸 Bloody Markets in Today's Session

Gold is down 4.4%. Silver is down 7.2% The S&P is down 0.7%. The NASDAQ is down 1.1%. And Bitcoin is down 4.17%.

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