Chart of the Day - Tuesday, March 15th, 2022

Today’s Chart of the Day was shared by Alfonso Depablos (@AlfCharts). The chart shows Crude Oil futures (black) and the Energy Sector (blue) over the past 13 years. Crude Oil is back below $100 a barrel, despite the warnings of $300 oil from the mainstream media. Oil has already corrected more than 20% on a closing basis, after hitting its highest level in more than a decade just last week. Alfonso points out that this is a pretty logical level for both Crude Oil and the Energy Sector to take a breather after sprinting to multi-year highs. For Crude Oil, that level is around $110-115, and for the Energy Sector, it's around $78-80. Let's wait to reclaim those levels before we entertain the possibility of $300 oil!