Irony It seems like oil stocks are getting spooked on recession fears. The fear is that high inflation and interest rates will cause people to pay down debt and reduce their spending, thus consuming less oil.
Its ironic that a massive drop in energy prices would tank inflation numbers and probably cause central banks to reign in their interest rate hike plans, which at the same time would reduce recession fears, which would then spike energy prices.
The circle jerk of stock markets trying to predict the future. Arc is solid, and oil and gas fundamentals are the best they have ever been (particularly gas) as the world hurtles towards an energy crisis of epic proportions.
i find it hard to believe a rational market would see otherwise, but in the mean time I hope you are al buying and not selling out of fear.
cheers.