In this video: Chief Market Strategist Gareth Soloway reveals his "Next Big Trade" in the commodity space: Crude Oil. In this deep dive, Gareth explains the mechanics of Institutional Rotation—how the smart money exits winning trades like Silver and Gold to rotate capital into laggards that haven't run yet.
Using pure technical analysis, Gareth identifies a massive breakout on the Crude Oil (CL) futures chart, including a textbook "retrace to the scene of the crime." He also debunks the mainstream narrative surrounding Venezuela's oil supply and explains why infrastructure and labor costs make $60 oil unsustainable for major producers. Video by Gareth Soloway.
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Crude oil prices surged nearly 3% on Friday, January 23, 2026, reaching their highest levels in over a week. Brent crude settled at $65.88 per barrel, up $1.82 (+2.84%), while U.S. West Texas Intermediate (WTI) crude rose $1.71 (+2.88%) to settle at $61.07.
Market Summary
The price jump was driven by escalating geopolitical tensions and supply disruptions:
--Iran Sanctions & U.S. "Armada": President Donald Trump announced fresh sanctions on vessels transporting Iranian oil and stated a U.S. "armada" was heading toward Iran, renewing concerns about potential military conflict and oil flow disruptions.
--Kazakhstan Outages: Production at the major Tengiz oilfield in Kazakhstan remained offline following a fire earlier in the week, potentially reducing the country's January output from 1.8 million to roughly 1 million barrels per day.
--Currency Movements: A weakening U.S. dollar, which saw its worst week in seven months, supported prices by making dollar-denominated crude cheaper for international buyers.
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