I'm bearish oilDollar is too strong that's what gold is telling me. Dollar going down would actually be positive for oil, but who knows when.
But why be bearish oil, well, there are too many barrels of oil held off the market, I'd say at least 5mm bbls/day constrained. They could come on anytime some little fit among Opec+ blows up the union. I also just realized that Brazil is now producing 1.8mm bbls/day and there is no end to growth there.
And next year Canada will sell another 600,000 bbls/day into this scenario.
I'm staying bullish natgas immaterial of winter, cold or not, and the bigger than desired supply. A supply which is mostly due to US gas, as a by product of shale oil.
Why?.... Because it's going to have a place to go and that's LNG. Could take time though, that's why dividends are helpful. ARX and TOU are best along with CNQ, but little BIR owns some enticing undeveloped sections right at the start of the new TC pipe.
GLTA