WTI crude oil has extended its daily gain to $1 and a new high of $88.43.
The buying in crude is utterly relentless. This rally has me tied in knots because I'm a huge bull on the second half of the year and the post-omicron period but I have a hard time seeing the demand right now due to omicon. Yesterday, an OPEC+ source cited by Energy Intel said they believe the buying is geopolitical due to Russia-Ukraine and that's tough to argue against.
There is a huge gap opening up between CAD and oil. If we get to $100 and it looks sustainable, I can easily see USD/CAD at 1.15 and I think yesterday's BOC was a bit of a headfake. They're going to hike and they might be hiking every meeting.
