RE:RE:Oil selloff gift to investors: Eric NuttallTheWokeLemming wrote: Nuttall has been wrong a lot lately. My opinion only.
I'm not certain Nuttall has been wrong. The fundamentals regarding supply and demand remain very true today as we are still using more on a daily basis than can be brought to market. Increasing demand will still be met by higher prices for some years to come as the time and $$ required to supply it are pumped into the industry.
Where he may be percieved wrong is a space in which no one can always be right - market sentiment. Rates go up a tad and all you hear is the reccession word - makes many nervous and they react poorly when they see some selling. It's human nature.
But a recession is not a shut down of consumption. People drive to work in recessions, they heat homes, businesses run, trucks drive, and planes fly. Recession will only bring us a tad closer to evening out supply demand for a bit.
I still believe oil will be over $120 USD within the next year.