$110 oil much better than $120 oil, sub $100 is bestI'm still cheering for $90 oil.
Will take time.
Range of $80-90 oil works best for everyone, especially hotel and casino guests.
Not likely to see $80 oil unless we land in extended recession.
Most likely scenario is we float near $100 give or take $10 swings.
World woke up and to find that there's more demand for oil than expected while less supply available for that demand than expected.
Everyone promised that OPEC would "just open the taps" but it ain't happening. Spare capacity among OPEC countries might be 1mm or less.
E&P stocks selling off while GH shrugs off the selling and hovers at $8.
Maybe the panic people exited GH a while back to buy E&P's, and now running for exits.
This is how bull runs are built.
2 steps forward, 1 step back. Repeat.