The ability of JETS and its holdings to rise in the face of rising oil prices, usually a major headwind, is undoubtedly impressive. It is also encouraging because some market observers believe oil prices can continue climbing.
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OPEC plans to diminish output to a range of 32.5 to 33.0 million barrels per day from its current estimated output of 33.24 million barrels per day. While Saudi Arabia, OPEC’s biggest producer, has agreed to reduce output, Iran, Libya and Nigeria might not follow suit.
“Master technical analyst Louise Yamada says two charts show that crude, still largely trapped in a long-term bear market for more than a year, is targeting new levels around $70,” reports CNBC.
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U.S. Global Jets ETF (NYSEArca: JETS)
