Good chance, possibly, that WTIC is $73 bbl in the next two months.
We do not know the future. But we can plan on it. God can laugh at most of us. If there is a god. We can laugh as well if we are not long some things.
Being long oil is not such a nice place to be.
The industry is news driven. Does anyone see any news that would buck the trend? It could be there. Could of should of would of.
Slowing economy should mean reduced oil demand and falling prices.
The big question is how low will it go? Or will there be some surprise?
Paul,
The slowing global economy is the news trend now. That is the piece of the puzzle.
How low? I can not say that.
What I can say…looking at this…it will get into the $60 range if not lower.
…and lower could be a lot lower.
Being long oil is not such a nice place to be.
Not Long… but as I’ve said, XOM has been a safe place to ride out the downturn; up 50% since Nov.
SHEL LNG TOT MRO
Still safe place to be considering the natural gas exports to the EU
XOM, the price of a share actually lines up pretty nicely with the price of a bbl. $60 very possible.
https://www.worldometers.info/gas/gas-consumption-by-country…
The EU would fall into third place with over 9% of the total usage adding up their use through Spain on line 31 in the link.
Everyone will be using less by Christmas. The US will have a surplus and Russia will be working to get rid of it.
I do get for heating usage of NG increases substantially. The numbers on the link seem to be from 2022 looking at the sources, but it is not entirely clear. The numbers are for an entire year. Meaning less usage potentially in the summer is not the heart of the matter.
XOM, the price of a share actually lines up pretty nicely with the price of a bbl. $60 very possible.
Not the first time you’ve warned me that these stocks seem risky; I believe also back in June you were skeptical of Energy.
Thanks for the informative reply
How to stay fully invested in a market downturn…always a conundrum.
What I see is a prediction for a rapid economic contraction, but with New Unemployment Claims stable, adding almost a half a million jobs in one month…
doesn’t look like 2009.
How to stay fully invested in a market downturn…always a conundrum.
Own stocks that will bounce back, what could be simpler?
XOM is one of them! TSLA…
The bull trap seems to be closing, a great time to sell covered calls. The last three months have generated quite a bit of cash for me.
The Captain
TB,
Saw a headline this morning, 50% of companies expecting to lay people off.
Slowing retail sales numbers probably make people think the slow down is real.
Stock market seems to hope the feds will soon be satisfied and stop increasing interest rates. But that probably depends on falling inflation numbers. Timing uncertain. Might take a while. And that could mean lots of pain.
Saw a headline this morning, 50% of companies expecting to lay people off.
Same headline ran in June.
Wal-Mart Targets warned of nationwide layoffs in June. Retail gained 20,000 jobs in July.
Being long oil is not such a nice place to be.
Er… methinks if you are thinking that you are not long enough on oil.
As an investor (long term buy and hold) I’m fine with oil and oil companies going up and down because, loooooong term, the trend is up.
Desert (CVX, XOM, T, BNS, BKH, ED, ATGFF, NI, NWN, TRP, ENB, WRE, WGL, XEL, DUK, SO & KO) Dave
the trend is up.
Possibly after mid 2023? But in the mean time fossil fuels will see a dent in demand over and over again for years.
Own stocks that will bounce back, what could be simpler?
XOM is one of them!
https://www.bing.com/search?q=xom&qs=AS&pq=xom&s…
Tru dat!
https://www.nasdaq.com/market-activity/stocks/xom/dividend-h…
Desert (CVX, XOM, T, BNS, BKH, ED, ATGFF, NI, NWN, TRP, ENB, WRE, WGL, XEL, DUK, SO & KO) Dave