Crude Targets 83.17 Breakout as Bullish Momentum Builds

Bulls remain in control this morning as geopolitical pressure combines with near-record refining margins and run rates to keep oil bid. Yesterday's high of 83.17 held overnight, and old resistance at 82.06 flipped into support, setting up futures to test a breakout above 83.17 into the US open. Dan's view is that a hold above that level through 9am is a buy signal, with little clear resistance overhead if it breaks. The bigger picture call is that the market is deeply undervalued fundamentally and risk premia are basically nonexistent right now.Oil tanker in open sea by StockStudio via Shutterstock