Energy

Trader makes the case for a spike in oil prices

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Crude oil prices are on a path to highs not seen since 2014, according to one chart analyst.

As the energy sector tracks for its best quarter on record with a year-to-date gain of nearly 40%, there’s “clearly some upside” for oil prices as well, Piper Sandler’s Craig Johnson told CNBC’s “Trading Nation” on Friday.

U.S. West Texas Intermediate crude prices slid half of 1% to around $65.60 a barrel on Friday.

“I could actually see a number that could be north of 100 in the next, say, six to … 12 months from here,” said Johnson, his firm’s senior technical research analyst.

The Energy Select Sector SPDR Fund (XLE) is also showing signs of life after a difficult 2020, he said.

“There is clearly…



Source cnbc.com

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