RE:Re: Oil Selling Off AgainYet this past weekend I was in a lineup waiting for gas at a station with 10 pumps. Seems price of gas is high, yet everyone wants to drive. Highways packed with people heading out of the city to cottages and travel. After 2 years of lockup people are finally starting to feel free to travel. Price of always experiences a pull back after the memorial day/July 4th weekend. Stores also seem vey well stocked with goods and people buying summer stuff like crazy. Lineups at every till. Let's see how the rest of the summer goes. This pullback looks like more of a buying opportunity to me than a structural shift in sentiment towards the sector. If prices stabilize, I expect the nervous nellies will come back over the summer with a rally in the fall.
Rocket101 wrote: Why is it over 100.00 per barrel in the first place? No reason for these extreme prices especially with what I'm seeing in the macro economy. Commodities in general are over priced and restrictions and policies around the globe just add fire to a raging fire. As far as I'm concerned the economy and entire world is rigged. My thoughts only and I wouldn't trust or believe anything as far as I can spit backwards. It will get worse Q3 /Q4 and into 2023. Unless they stop with the rate hikes immediately, commodities back off dramatically, supply chains become normal and things become somewhat NORMAL AGAIN! Only my thoughts here do as you wish jump in lake ! Go ski jumping whatever ! Me I'm getting out of dodge city ! Way to much uncertainty and unstable markets juiced by printing presses and ultra low rates ( The Super Bubble )
JMHO take care folks and have a great weekend