Fosil fuel perma bulls hedging bets ...my 2 cents ...
Amidst a horrendous year of wildfires, unprecidented smoke and record breaking global heat waves, is it prudent to diversify away from the increasingly hated fossil fuel industry - YES it seems so, as the acceleration away from 'dirty energy' becomes more necessary. Companies with a focus on petro chemicals appear to be looking closely at the rear exit, or at least their investors are.
Will the world continue to need fossil fuels for some time yet perhaps even in larger quantity, YES ... but ... the easy money has been made in energy producers over the pandemic, now is the time to be prudent with positions in fossil fuel industry. When the big players start leaving the room, optics will be everything, fundamentals be damned!
If $43- $44 fails to hold, then $37 - $38 is next support