CLQ24 – August Crude (Last:81.54)

The easy move through p=79.55 in mid-June strongly suggests the August contract is bound for at least D=86.66. We can hope nonetheless that p2=83.11, the secondary Hidden Pivot, slows crude’s ascent; otherwise, pump prices, along with the price of nearly everything else, will receive a turboboost before summer is over. If there’s a silver lining, the pattern is compelling enough to imply there’s no great likelihood of a further push into the 90s.