Post by smallcaptdron Nov 28, 2022 1:11pm
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Post# 35134222
$70+ Oil
$70+ OilToday Oil traded at $73 so you can see how we dug deep into the $70+ Oil the same moves just like the transition from $90 to $80 Oil so welcome to the $70+ and it's more than just a dip this is why early last week I said that we're going to be staying in the $70+ because you just have to look at everything that's going on. Share prices have calculated in a large position that $70+ Oil is just a dip and that we'll be out and back to $90+ tomorrow and it's this thinking that keeps shareholders holding at such a large premium vs revenues and their excitement in watching Oil going up from new low shows that but they're going to be disappointed after racing to the fire that turned out to be just smoke and we are in the $70+ and lower $80 maybe through Dec and there's no reason right now to think different. Dec is going to be a do-or-die on where Oil will be trading heading into 2023 once we get past G7 cap and FED realistically China is not going to get better in the coming weeks or months plus Oil delivery cutbacks, extra production from Venezuela that's been approved and could be online soon plus extra production from other sources, and of course higher interest rates from Central Banks with the US technically in a recession joining the rest of the world heading into a Global Recession. I don't see $90 happening, its been there too many may time and it couldn't stay and now this is happening to $80+ Oil and next year will be worse the world will be in a full-blown recession with Millions of barrels of Oil sitting on the sideline waiting to be accessed at any time and that hurts Oil prices.