Bad news for Dennis Gartman ...
Well, bad news, Dennis: crude oil just broke above $44 per barrel.
West Texas Intermediate crude futures in New York rallied 3% on Wednesday to as high as $44.24 per barrel.
That's basically the highest level of the year.
In October 2014, Gartman said we were witnessing the end of an era for crude oil.
And in the CNBC interview in January, Gartman said he did not think the correlation between crude oil and stocks would last very long.
None of these calls is working out that well so far.
Oil prices have whipsawed in the last few weeks, as various headlines about a possible production-freeze deal bounced around.
The producers' meeting in Doha on Sunday ended without a deal, and that sent oil lower.
But prices have reversed course since Monday's initial drop. One of the catalysts analysts have pointed to is the three-day strike by oil workers in Kuwait, which ended Wednesday.
Here's a chart:
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Experts warn of rising temperatures in Bengaluru as Phase 2 of Lok Sabha elections draws near
- Axis Bank posts net profit of ₹7,129 cr in March quarter
- 7 Best tourist places to visit in Rishikesh in 2024
- From underdog to Bill Gates-sponsored superfood: Have millets finally managed to make a comeback?
- 7 Things to do on your next trip to Rishikesh