Driving increases as the weather warms. The blue line below shows the 15-year average oil pattern.
DB2
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Yup. Especially during the #43 regime, I could buy oils at the end of January, sell around Memorial Day, and pocket a nice gain. There were years I had my entire IRA in oil during that period.
Steve
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Could this year be different?
https://www.eia.gov/todayinenergy/detail.php?id=64305
We forecast benchmark Brent crude oil prices will fall from an average of $81 per barrel (b) in 2024 to $74/b in 2025 and $66/b in 2026, as strong global growth in production of petroleum and other liquids.) and slower demand growth put downward pressure on prices and help offset heightened geopolitical risks and voluntary production restraint from OPEC+ members. This forecast was completed before the United States issued additional sanctions targeting Russia’s oil sector on January 10, which have the potential to reduce Russia’s oil exports to the global market.
Not happy news for oil companies.
It could be. When #44 was in office, the trade didn’t work very well.
Steve