WTI crude above $100 supports SM Energy's bullish setup. A new impulse off the $32.55 low has wave 3 underway, with $43.03 as the projected marker. x.com
Pavlos D
Founder of Elliott Waves Trades, Checklist-Based Trading
Crude oil has room to rise as Trump's war with Iran accelerates and both the Strait of Hormuz and Bab el-Mandeb are closed. The WTI target set at $67.50 was $83-85, with a $91 overshoot; getting and staying above $91 this time would spell deep trouble. Senior US officials say more than 60 refueling aircraft were sent to Israel ahead of Trump's expected escalation. x.com
Crude oil has been suppressed for a long time and may be about to break higher. SPR releases and constant manipulative tweets have held WTI down, leaving Strategic Petroleum Reserve levels depleted. Oil is now driving interest rates tick for tick, which makes it the number one problem. x.com x.com
Trump's Russian barrels have not reached shore yet, leaving crude oil looking as though it has room to rise. WTI has broken and retested a 2022-26 trendline. x.com
Sustained high energy prices strain US farming, logistics, manufacturing and consumers, so crude oil should fall dramatically from its elevated level. Middle East and Russia tensions are lifting WTI, shown near $103, while Trump will likely step in at some point to reduce uncertainty. x.com x.com
Crude oil could reach $100 or move even higher, as US–Iran tensions show no sign of easing. x.com
US oil stocks have a fantastic long-term picture once Hormuz reopens, as the conflict lifts oil's floor, so any selloff on a US export ban would be a buying opportunity. A WTI-Brent spread that widened from flat to high double digits in two weeks signals a high risk of a ban, more likely on products than crude, which could pull WTI back and hit US names. Value them on long-term free cash flow and growth at $80 oil, with $75 WTI a possible new floor, not on a brief $150-200 spike. x.com
A possible US strike on Iran poses near-term upside risk for crude oil. If Trump expects to lose the midterms, he may act between Israel's October 27 election and the November 3 US vote. Crude has filled the $101 gap and reached the rising channel's midpoint; if it keeps breaking higher, the next levels are $105, $110 and the channel top near $115. x.com
Oil traders anticipate a resumption of the Iran war after the midterm elections, favoring more upside for crude oil. After a bullish reversal off its 10-week moving average, the odds favor a continuation of the rally to the $110-120 range. x.com
Crude oil and the XLE energy-sector ETF would be buys on a pullback because uncertainty over a real military strike could hang over the US market from the midterms through year-end. Only an actual strike or a true peace deal would settle that uncertainty. x.com
An imminent Israeli strike on Iran puts Gulf oil infrastructure at unusually high risk over the next three months, supporting a near-term rise in crude oil. Large trades are betting on oil reaching $115 again. x.com