Will we get back to $50.37 - Year High? I think there is a decent chance we can get back to $50+ this fall.
Of course a lot depends on oil price staying above $80 WTI. And the manipulation of the stock by the hedge funds and shorters. The EIAs weekly manipulated numbers (magically adding 500,000 bod when rig count has fallen by over 100 rigs in last year), playing with the weekly adjustments and weekly exports. As much as EIA try's to influence the price US oil inventory is continuing to drop in a big way. Now the hedge funds and all shorters are using China downturn as a reason to try to drive down the price. Right now China wants lower oil price and all raw materials and they will make up numbers as they always do. Biden will do his best to try to bring on more production from Iran and Venezuela.
But in the end imo OPEC will continue to control price over $80. The US producers are for once trying to keep production flat or to a small increase. Demand is increasing as world is still recovering from Covid meaning demand still increasing.
just some thoughts. All the best to SU shareholders on this board. Let's drive towards $50. Thankfully it seems we have a CEO capable of getting us there. I personally think we should be closer to $60.