Energy Surprises Will Continue to the Upside in 2021

by David Forest
Casey Research

The day we published our prediction series last year in Strategic Investor (current subscribers can review it here), WTI crude oil closed at $58.46 per barrel. We called it higher in 2021, based on a weakening dollar and resilient global demand.

We were very wrong.

Crude was rallying in January, topping $60. But as COVID news took hold, it dropped back to $50. By early March, it slid to $40.

Then all hell broke loose. With lockdown orders coming, crude plunged to $20 per barrel. Futures even briefly reached negative prices, hitting a stunning -$36.98 on April 20.

That distortion aside, prices bottomed around $15 per barrel in late April. The last time oil traded at $15, Bill Clinton was in office and Harvey Weinstein won an Oscar for producing Shakespeare in Love.

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