Back in July, I released my oil price forecast for the third quarter of this year, predicting where prices would be at the end of September.
And by 2:30 p.m. EDT (the close of crude oil trading) on Friday, Sept. 22, the U.S. oil price was almost exactly in the range I'd predicted.
It settled at $50.66 a barrel, up 1.6% for the week and 6.8% for the month.
Meanwhile, the more international Brent oil price was already higher than the prices I'd predicted more than two months ago.
Brent came in at $56.81, 2.5% better for the week and 9.3% for the month.
But oil prices aren't about to stop here.
The thing is, you won't get an accurate forecast on financial cable news shows - they don't understand, let alone talk about, how the "spread" I'm going to show you works.
On the other hand, once you know how the spread works, you'll be able to tell for yourself where oil's going to go; no need to suffer any more cable talking heads.
Tags:Oil & Energy
To get full access to all Money Morning content, click here
About Money Morning: Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors.
Disclaimer:© 2017 Money Morning and Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201.
The post Why Crude Will Surge Higher in October appeared first on Money Morning - We Make Investing Profitable.