Post by
riski on Sep 23, 2022 11:43am
Nothing has changed with oil demand, supply worse
The market today and for the past few weeks is guessing/speculating on reduced demand. Going back 100 years, oil demand has only dropped in two recessions; The pandemic and the great recession. All other recessions, oil demand continued to increase throughout.
Yes, the price of oil drops into those recessions, but pops back up quickly (weeks to months, not days) when the market realized that demand is actually increasing.
Supply does get impaired by a drop in the price of oil. Producers stop drilling. Everyone puts their chequebook away to watch/wait. Ultimately, this leads to a higher oil price.
No one said it was going to go straight up, but nothing has changed with the $150 oil prediction this winter. These events make it even more likely that we will spike well over $150. I more confident than I have ever been and continue to buy on weakness like today.
Fortune favours the brave. Fear is your friend.
Comment by
woodsmen on Sep 23, 2022 11:49am
I agree $150 oil will happen, we have not had high oil, these Libtard Left Leaders cant push EV without high oil. I believe its coming.
Comment by
GingerEnergy111 on Sep 23, 2022 12:23pm
Oil price has been kept down by the paper market to favour the "agenda". Hold the line and we will see the market have a second sober look at everything driving oil.
Comment by
riski on Sep 23, 2022 12:58pm
Yes wise words. I'm not going anywhere. I have over 1.2 million shares accumulated since 2015 and I am down almost $700k on BTE today alone. But I am not selling a single share. In fact bought 20,000 more shares at 5.95 earlier this morning. Best of luck to everyone. The rewards will come.