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Oil prices moved higher by more than 2 percent Monday as investors and traders reacted to reports that supply disruptions in Canada and Nigeria helped push oil production below consumption levels for the first time in two years.
Meanwhile, analysts at Goldman Sachs who developed a reputation as being a long-term oil bear shifted gears on Monday and turned more positive on the oil market.
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So, how do commodity investors and market participants proceed from here?
According to RJO Futures' Phillip Streible, the supply disruptions that contributed to higher oil prices will eventually come back online.
Speaking as a guest during Monday's edition of "Bloomberg , he said the momentum in oil price is set to continue and he wouldn't be surprised to see oil hit $50 a barrel in the next few days. However, once oil trades above the $50 per barrel mark it's possible that "some of the hedging comes back on and we reject that first time over $50 price and back off a little bit."
Looking forward to Wednesday's EIA weekly petroleum status report, Streible suggested that a 3 million barrel draw, or a large inventory draw in gasoline, could also contribute to pushing oil prices higher.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.