OPEC Kingpins Sound Alarm Over Dwindling Energy CapacityExtremely busy day on the job but wanted to share my take on the last few days before I head out. Tech / crypto selloff is completely warranted and a lot of people who prayed at that altar on the back of cheap money and endless liquidity unfortunately need to get vaporized. It's what the market does.
Oil isn't like other commodities. Once you consume a barrel, that barrel is gone forever. A growing global shortage based on almost a decade of chronic underinvestment continues unabated. And big players will want to own these names to control an increasingly limited supply. Factoring in the clean energy transition, natural gas will be king with liquids and condie being an incredible bonus.
In short, nothing has changed in the macro with the exception of burning off some of the froth, which I think is extremely healthy. Cheers and GLTA ARX longs.
OPEC Kingpins Sound Alarm Over World’s Dwindling Energy Capacity (yahoo.com)