Too good to be true? Or in the clear?Three months ago, things were pretty gloomy. Lockdowns and casses are worse now, yet markets in general are at all time highs? Are things really better globally now than a year ago?
Oil stocks are far off those record highs, but is oil primarily roaring now because of opec+ cuts and promises? OPEC is now down to 75% compliance. Wells keep getting brought online in North America, and demand isn't going anywhere fast with more planes being grounded and factories being challenged from lockdowns and Covid.
I like Kelt - just wondering if now is the time to buy more, or take some profits? Are oil companies due for a pullback from the recent rally mostly because of OPEC and the extra million curtail? I don't like how much influence OPEC has over pricing, does this concern anyone else? Seems like they are basically performing global insider trading with how they manipulate supply and prices, all while buying on the lows they contribute to. I'd rather see hard evidence and demand driving prices than manipulated artificial supply reduction. Thoughts?