For those on the fenceIf you aren't under any pressure to sell , then hold on . Nothing has changed other than O&G is the easiest villain markets can point to and its an easy short since banks can't "support" this essential product . Demand is rarely effected in a recession and in a full employment economy , demand will remain firm .
If you were prepared to wait until November for the SPR to end last week then why is today any different . Sooner or later these shorts will need to cover , BTE continues to buy back shares and this quarter ends in one week . Its a shame how markets refuse to accept O&G companies but as Q3 numbers roll out , this will be the only sector still earning profits .
Keep an eye on that storm developing in the Caribbean , it could roll right through the offshore platform zone which will shut them all down .