Also, this is assuming that the insurers will never insure boats again and I think really what we’ve got is a scenario where eventually you get a nice selling opportunity. But unfortunately, I will get emails on Monday or maybe Tuesday where somebody chased crude oil up 15% and wants to know what to do about their account that is about to get liquidated. And that’s the lesson here. You either caught this move, or you did not.
Breaking above $78.50, an area that I had mentioned multiple times previously, was a good sign that could send this market, I believe, I was calling for about $85. We’ve hit that and more now. So, I think the next target, based on longer-term targets, will be $90. I would anticipate seeing a bit of resistance there.
Quite frankly, when you look at crude oil charts, despite everything that’s going on, we’re just back to autumn of 2023 levels and, in fact, are still somewhat below them. So, while this has been an explosive move, it’s not going to be the problem I think a lot of people think it will be longer term. This is a short-term panic.
