Summer Driving Demand Won't Be Enough to Get Crude Back Over $60
Trader Luke Rahbari does not expect crude to get back to over $60 per barrel by the summer, even with increased seasonal driving demand.
Luke Rahbari of Stutland Volatility Group tells TheStreet's Jill Malandrino he does not expect crude to get back to over $60 per barrel by the summer, even with increased seasonal driving demand because of the current oversupply situation. If anything it will remain range bound and volatile as this tremendous complex continues to trade like a mid-cap stock. While crude is moving lower, prices at the pump have been moving higher and Rahbari explains that is due to the refining aspect. Just because there is a supply glut in crude does not mean it is all being refined, which is why we have seen more expensive prices.
