Phil Flynn | Dec 28, 2023 01:44PM ET
“A bearish “death cross” pattern appeared Tuesday, with the 50-day moving average for crude futures crossing below the 200-DMA. They write that, “a death cross is seen by many Wall Street chart watchers as marking the spot that a shorter-term pullback transforms into to a longer-term downtrend. But they also point out that there are some chart watchers, such as Fairlead Strategies LLC technical analyst Katie Stockton, who wouldn’t consider that crossover a real death cross, since the 200-DMA was rising when it appeared.
“Crude oil inventories in the United States rose this week by 1.837 million barrels for the week ending December 22, according to The American Petroleum Institute (API), after recording a 939,000-barrel build in crude inventories in the week prior. API data shows a net build in crude oil inventories in the United States of just over 21 million barrels so far this year.
“Global gasoline demand surpassed this year the record high set in 2019 before the onset of the pandemic, defying expectations of a long-term decline. So much for the peak gasoline demand that the Green Energy industrial complex promised. As electric car sales that started strong start to plummet, it’s people realize they’re not as reliable as their old-fashioned internal combustion engine the world is going to continue to consume gasoline and will continue to break records.
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