Baytex Energy Corp T.BTE

It's a matter of time

[HighOctane89]

Anyone who knows anything about supply/demand in the oil market understands you have to get through the summer season before you worry about a possible 2023 recession . Demand remains strong as government policy discourages investment keeping a cap on supply . While the market acts like Bambi in hunting season gasoline demand is up 9% and airports are jam packed with travellers on this US long weekend . In 2 weeks both Canada Day and the US July 4th wll be another massive draw on inventory .

Most of the US is experiencing high temps and power demand which should be bullish for Nat gas , regardless of the temporary Freeport shutdown inventory will remain low . I would expect the European situation to pressure an earlier start than Sept for Freeport but we'll see . Every day that goes by is one day closer to winter 22/23 , with low inventory's of all fuels next winter could be very volitile . 

Last week Tesla increased their prices by $6000/$8000 and the lack of EV manufacturing capacity is woefully obvious . Electrical rates are as volitile as oil . Not that the electrical grid would even handle an EV society but in that event , what do you think your power bill will be in 5 or 10 years ? It will take decades to build out what some expect in 5 years , it's like burning down your house because you have another under construction .

Everything points to a tight market but the media would rather take about Bitcoin (ponzi scheme) than oil , it's more politics than business . Someone with a microphone says "hey .... IS THAT A FOX ?" and the sheep start running . Right now fear is the new obsession and it gets amplified in a thinly traded market so who know where this goes in the short term , eventually dwindling inventories will become to low to ignore . 

I'm not saying you should or shouldn't buy or sell . While the long term picture is intact and improving daily , the market is not acting rationally so the short term is a crapshoot (roll of the dice)

[1234bmth]

When the president of the world largest economy and military is begging any possible country including Venezuela to increase oil output, it means that oil shortage is extremely serious, because he knows things that we may not.  

[BayStreetWolfTO]

1234, yes I would agree the first step shouldn't be begging thugs.