There was a mixed bag today , some up 3 percent. Some even pulled back slightly. Whitecap I believe despite not having a strong day did close at its highest level in the last few years with 1.2 Million shares trading in the final minute .
Desjardine came out today with a report on energy saying they essentially got it wrong , and they just raised not only there Forecast for Oil , they raised there projections for all energy stocks oil / Gas . They have taken there forecast for WTI for this year from $70 to $80 , and from $80 to $90 next year . Saying that all fundamentals , indicators , all show we don't have supply in storage , and there is more demand than supply coming on line . The strength behind the recent rally is massive Geo political risk , as long as it's front page news it's also likely providing a floor . There is REAL WORRY about how Europe is going to get there energy , and critical comments regarding Germany with there decision to shut down there nuclear power with out adequate alternatives , there is already proof that the US is feeling pressure on there supply as they are now reportedly below the 5 year average with regards to gas supply due to the rising exports to Europe , if there are sanctions against Russia the price for gas in North America will be pressured further . Add to this a missile being taken down in UAE , and the ROCKET MAN in N.Korea looking for attention again things are to say the least interesting !
This is just Geo Policial , there are normal reasons for optimism for higher oil pricing as Air traffic is now picking up with the worst of Omnicron seeming to be behind us , and the big driver or foundation for the economy in the next year is the FACT inventories for all things around the world are depleted , and the key driver of the economy and the Strength behind Commodities is the massive undertaking to replenish these inventories, and thus giving relief to the supply chain in the back half of this year ...... the hope with this , inflation should begin to stabilize.
In conclusion there is more than one analyst saying I add on the dips and if you can It's a gift
Good luck.
C