$50 WTI Leanings in Crude Oil for Midterms - Prior to the Iran war, WTI was hovering just above $55 a barrel. Will it return? My bias leans that way. The December 2026 (Dec26) future -- $77 on March 27 and set to become front-month just before the November election -- is roughly $20 above that pre-war level. What's notable from my graphic is the front WTI future at $100 resistance, with implications for a similar 5% ceiling in the US Treasury 30-year yield. Dec26 would require a significant rally to hold above $100, likely involving a severely constrained Strait of Hormuz and leading to a global recession. A more typical reversion would be toward $53-$55, its high-volume area since it began trading in 2017, when the US was still a net importer. Now a net exporter, US-centric producers have an opportunity to hedge forward and increase supply. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tci427kgifwi {BI COMD} #crudeoil #futures @markets(Mike McGlone)