Tuesday April 4 2023
I am bullish on crude oil prices. Price has corrected 50% from the $130-140 high to the low $60s. Already it has added ten bucks to close today at $74.37. Europe had given up on its no internal combustion engines in cities by 2035, oh you did not see that in the mainstream media? The absence of a battery break through, shortage of thin steel, difficulty of mining rarer earth metals in dirty Chinese mines, the vulnerability of EU to Russia’s energy, well, sober up climate alarmists
My newspaper column posted Friday April 1 2023
It only took the weekend for that prediction to work out well. The Saudis and Russia say they are cutting most of the production which shot oil prices up $4 yesterday. Gee knowing the announcement was coming over the weekend when markets are closed, we can bet the two countries took position limits in futures and calls on crude oil pocketing a tidy risk free profit. The WSJ editorial today warns Democrats of relying on the mid East rather than out own producers for energy, I expect Team Biden to ignore this at their peril. Stand by for much higher oil prices.
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