Energy 2023-09-05: Unchanged at "STRONG" strength rating (4th strongest of 9 levels), previous move was DOWN

Here's my review of Energy for the trading week ending 2023-08-22.

A Zerohedge headline today says oil will hit $107 (expected by the end of 2024) due to Saudi Arabia and Russia production cuts.

For comparison, in the above linked 8/22/23 report: "Oil prices have chopped between the high $60s to the mid-$90s/barrel over the past year, staying mostly between $70 and $80 since late 2022. The recent post-June rise from the high $60s to the low/mid $80s seems significant in this context."

The above quote was about WTI Crude, which closed 8/23/23 at $78.58 and which today is at $86.70.

Over the past week, 126 of 151 stocks (~80%) were positive. Over the past 2 weeks 130 of 151 were positive.

Leaders and Laggards

Current strongest and weakest stocks are shown below. These are of most interest as the downtrodden are prone to large (if perhaps temporary) pops while the strongest have been leading the charge for their sub-industries.