Oil downI bought some back at $7.80, that appears to be too soon as oil is down again. Inflation concerns and recession talk and interest rates are just some of the roadblocks here. Throw in Covid concerns such as the arrive app into Canada and threats of Monkey Pox, 177 cases in Canada now, the list just grows. The perceived tight oil balance and demand equation is being offset by media reports of Biden releasing the SPR and pressuring her the Saudis to produce more.
It has been a great run but slow and steady wins the race, it's going to take several quarters of $100 plus oil to make this stock appreciate here, it's clear it got ahead of itself and that's why we had the pullback from $9 to $7.57.
I don't see a flash uptick back to $9 anytime soon. Finding the bottom is the issue, I think $7.80 was too soon.