Oil is not showing any recessionary price markers in 2022, remains bid. 2020 was a recession when oil when into sub zero prices. Caught the oil swing trade from 106 to 108.

Chart 1

Chart 2

Oil is showing no signs of this looming recession and it has to be said that we did actually enter a recession in 2020 sans the governments, central banks throwing trillions at the global economy so that we could avoid, paradoxically, a recession.  Most commodity complexes crunched in April 2020 when the global pandemic for COVID-19 was called.   Oil (please refer to the chart 1) sank into sub-zero ranges ending at negative $41 a barrel 20th April 2020.  Unprecedented in history.    Yet, it was the so-called reflation trade that was the most interesting, when the vaccine milestones were met and global economies roared back to live.  Even though the economic ice age (with money on top) was orchestrated to stem the severity of COVID-19, the extreme price snapback that was ensured thereafter was done while supply chains, droughts, chip shortages and a looming Cold War part 2 were all piling up, the pandemic was the primer.   Inflation was always going to be that inevitable impact, after the commodity/oil collapse of 2020.    

Chart 2, shows once again I caught the trade on the oil price swing from $106 (2022/06/30) to $108 (2022/07/01).  Bids are at $108, price supports at 100, 105 and 108