I wondered when ........I wondered when they next doomsday essay was going to get posted and it didn't take long . You can feel smalltime's panic , sp's aren't falling and he realizes he may have missed the boat .
As for that paranoid assessment , let's clear a few things up . Venezuala is a pariah , not even Russia wants to deal with them and even if Biden cancelled sanctions , it would take years before any meaningful production could be brought on-line . I put this idea in the same catagory as an Iranian deal , it just won't happen . This kind of false hope does nothing to address the real problem or deal with limited supply . I'm also hearing the Russian price cap "agreement" has fallen apart again , more hot air and wasted time .
Governments won't admit it but we are running out energy and the ability to supply that demand . China won't be in lockdown forever , what do you think will happen to demand when they reopen . Look at India , they were crippled by covid but emerged stronger than ever . US demand remains strong and without the SPR releases , inventory dropped by 9M barrels over the past 2 weeks . They burn more gasoline than their refing capacity , without imports the remaining refineries can't keep up . Canada has 1M open jobs , employment is strong , people are driving and heating their homes and I expect that to continue all winter and spring . After that we're back to driving season , hmmmmm .
I would love the chance to buy some cheap shares on a bs headline but those opportunities don't seem to be happening . At this price , it would be hard to find anyone with a loss here so don't expect a lot of tax loss selling , if anything those freed up dollars might start finding their way into stocks like this one . The market has already priced in an economy stopping recesion , anything less than that will cause serious upside volitility . I see more upside risk than downside , cheers .