HedgingI hope more canadian companies took advantage of the hedging prices for oil for 2024 before todays drop.
In some ways I can see Saudi being pleased with oil dropping below 90. Even down to low 80 s is better for Saudi, Not to Saudi advantage if companies ramp up 2024 and produce at healthy levels using hedges.
Strong USA dollar makes increasing production so lucative for countries like Nigeria that are close to production expansions.
With oil prices bringing in so much revenue now, lots of countries that will attempt to cash in. Other commoditires like wheat, copper etc are down so oil revenue is needed in poor countries.
I have sat out from investing and I will continue to do so. things are too greasy right now. Both oil and ng have more downside chances that upside right now.
I want to be ready though to be buying when it is very painful and lots of red.
Been boring not being in markets but want to be ready for some big opportunitirs coming as I think stocks have further downside from here.