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WTI crude oil shows a pattern of lower highs and lows, Mike McGlone notes

WTI crude oil shows a pattern of lower highs and lows, Mike McGlone notes
WTI crude oil pattern since 2008 peak

Mike McGlone, industry influencer, observes that WTI crude oil has made lower highs and lows since reaching a peak near $147 a barrel in 2008.

He questions whether this pattern has changed, noting that major events such as the closing of the Strait of Hormuz can serve as significant tests for crude oil markets. McGlone suggests that there are always meaningful reasons for volatility in oil prices.

Earlier this year, McGlone said the Bloomberg Energy Spot Index could surpass its 2005 peak only if Brent crude sustained prices above $120 a barrel. He has also reviewed cross-asset trends such as the SPX/gold ratio after it fell below 2.0 support in 2024. McGlone regularly highlights key levels that may indicate shifts in energy and equity markets.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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