GulfSlope Energy Inc (GSPE)

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further crude commentary

Oil is approaching a three-year high, with U.S. crude trading above $75 a barrel on lingering supply issues caused by Hurricane Ida and increased demand in parts of Asia, where the impacts of the pandemic appear to be fading. Goldman Sachs (NYSE: GS) raised its year-end Brent crude forecast to $90 a barrel from $80, and increased its U.S. crude price forecast to $87 from $77.

You could argue the crude rally is a bright spot for at least one sector: Energy. That’s a sector that’s been trading in fits and starts over the last few months. Now crude is at levels where technical resistance stopped the upward march earlier this year and back in 2018, so we’ll see if there’s enough buying interest to push through the 2021 high above $76.

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