RE:RE:Hold the Course, Steady as She GoesGood posts. Agree that not much has changed. Seems like a temporary draw of money to the tech sector, but will return to oil and related commodities soon.
These fluctuations aren't typically for the faint of heart. However, crude, gasoline, and diesel inventories continue to drop.
It will probably take another couple of weeks to see hard data on the actual impact of how much Russian barrels have come off the market.
Joseph McMonigle, Secretary-General of the International Energy Forum (IEF) provided the following comments earlier today:
(i) we are in for a lot of volatility and higher prices over the next several months,
(ii) predicts fluctuations up to $150 a barrel is possible,
(iii) $150 oil may not be sustainable, but all will depend on what happens to Russian oil supplies,
(iv) have not seen hard evidence that elevated oil prices have already led to demand destruction globally
(v) estimates are that global oil demand is back up to 98 percent of pre-pandemic levels, but supply is back up to only 95 percent of pre-COVID levels
So risk and tolerance is the name of this game.