Oil hit a new multi-decade (since 2008) weekly closing high this week, up +4.64 to 118.85. There was talk about OPEC+ pumping more oil to make up for Russia sanctions (now that Russia’s oil is now headed off to China and India), but I guess it wasn’t enough. Prices moved steadily higher. Interestingly, the open interest (blue line) remains at a low level – much closer to what would be a price low than a high. My interpretation: the banksters do NOT want to be short crude.
The EIA report showed a drop of -5.1 million barrels in commercial storage – this after President Grandpa’s WEF-Handlers pulled -5.4 million barrels from the U.S. strategic petroleum reserve this week alone. That’s pretty ugly. It all points to shortage.
“Climate Change!” Or – “by 2030 the U.S. won’t be a superpower!” The WEF calls it Building Back Better: No Oil For You!
Gold – largely unchanged [-1.47 @ 1856]; gold’s open interest (blue line) is, like crude, is also relatively low, which suggests that the banksters don’t want to be short gold either. This hints at higher gold prices ahead, but – its just a hint, which the market could well decide to ignore. Perhaps the recent drop in OI had to do with the end-of-month delivery event.
Silver didn’t move much, falling -0.18 to 22.00. No strong signal for silver.
Curiously, platinum did the best of all things I track, up +76.55 to 1021.76.
by cmartenson 
