Crude Pattern: Lower Highs and Lows - Has It Changed? Since peaking near $147 a barrel in 2008, WTI crude oil has made lower highs and lows, but has that pattern changed? The closing of the Strait of Hormuz is a good test, but there are always good reasons to visit the tails of an enduring range. My graphic highlights two key reasons I don't expect 2026 to be different: the growing US and Canadian supply surplus and a stretched stock market. The burden of buoyancy for most assets on the US stock market-cap-to GDP to keep advancing from about 2.5x -- the highest in almost a century -- is emphasized by crude's roughly 20-year range. A sustained 10% drop in stocks would equate to almost 25% of GDP, pressuring consumers and oil prices. Roughly $65 a barrel is the mode, which is about $10 above the break-even cost in the world's top producer, and a net exporter -- the US. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/teic2ckgctp6 {BI COMD} #crudeoil #stockmarket @BBGIntelligence(Mike McGlone)