“The market is pushing for $55 oil here and ultimately it seems determined to get there,” Yawger said.
ET (1934 GMT), while U.S. light crude futures were up $1.03, or 2 percent, at $53.78.
U.S. crude popped to a peak of $54.06, its highest in more than three weeks, as Wall Street opened at 9:30 a.m.
“The speculators have an interest in pushing this thing to the upside, which has much do with this (rally) as anything else.”
Oil prices were driven 2 percent higher by an ongoing rally in the U.S. stock market on Thursday, although gains were capped by plentiful supplies and bulging inventories in spite of efforts by producers to cut output.
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To put the insiders’ recent behavior into context, consider how they reacted a year ago to the market’s steep January-February correction and then equally sharp reversal.
This is what happened in early 2016, for example, just two months after Seyhun’s bullish forecast from October 2015.
In contrast, recent insider buying is below average among large caps as a group.
The other sector that Miller notes for recent insider buying is health care.
In an interview, Seyhun mentioned smaller- and mid-cap companies in particular, for which recent insider buying is above the trailing 10-year average.