RE:60s next?
I agree Naka. I think we'll be revisiting our lows in 6 to 8 weeks. IAE trades in tandem with the price of oil and TTEN (sector) for the most part. Perhaps someone could do a long term graph comparing the two. Doesn't really matter if you use Brent or WTI, the trend will be the same.
As Stella becomes more certain, it will help the stock price but it's not going to be a game changer. At $60 - 65 oil which we may again see next summer, I doubt if IAE will hit $2.00 on the upside until debt is cut in half.
A few months back, I had said I expect oil to break below $40 before it broke over $60. I was wrong but now that we are a month or two away from the time when oil inventories switch from a net weekly decline to a build, I expect the downward trend in the price of oil (and IAE) to be lower. I can easily see the price of WTI below $40 this fall as everything points towards an increase in Golbal production, not less while demand will be flat at best. As the EIA reminds us weekly, we are at record highs on existing oil inventories and a month of strong build numbers, perhaps in October, will put the US at capacity, then all hell will break loose in the market price.
Oil, IAE and nearly all stocks on the producing side are not the place to be in the next 6 months in my opinion.