RE:RE:RE:From the August updateThe stock pimps, JPM,GS, MS, are revising their oil price projections for Q4/23 upward to as much as $100/bbl. They say the energy transition is not going well but the climate change nuts are doubling down on loonery and repressing of oil growth while majors in EU flee to third world havens.
EVs sit on the lot while large SUVs and pickup sales in NA are robust in spite of higher gas prices. They predict $110/bbl in 2024 and a 7mm bbl per day deficit in crude by 2030 due to under investment in large oil deposits now.
US shale is doing well but its days as swing producer are over as the best acreage is behind them. Biden Admin is attempting to halt US offshore but the Courts are reversing such attempts. Maybe as sentiment changes, GXE will become more attractive. Maybe.