Oil has seen its top? Time to sell if haven't already?

Structurally medium to long termI think oil is bullish.
Short to medium term I think recession takes it down and keeps it below $100 a barrel.

Unless some unforeseen geopolitical event happens.

I agree with you as well, especially if the current administration continues on it current path.

I think the recession takedown is a little premature.

Bought it during the covid crash for the dividends…

If building a dividend bucket not a bad group to keep to spin off some cash when retired..this is why I have some.

Yeah I don’t get it either. I don’t do it. It’s like the question pains people who are on opposite sides of a trade.

I think oil might still have a bit of leg left as Biden keeps fricking the industry and the world keeps blackballing much of Russia's oil, but (unless something unforeseen happens) I think we may be coming to the end of the steady hike in at least oil.

Harvests still have to come in and people are still actively travelling (estimates put July 4th weekend travel at higher than July 4th, 2019 numbers). When the Q2 advanced numbers come out on the 28th, the media is going to be abuzz about how we are in a legit Recession as well as how Unemployment is on the rise. Around that time is when we may see a pullback (I think a lot depends on what's going on in Ukraine, what else Biden does to screw our domestic production and how active China is now that they are out of their latest lockdown).

Natural gas will be another thing as winter closes in across Europe, Canada and the northernmost US states.

At least that's how I see it.

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Q2 revenue reports will be out within a month and should be epic.

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I would think thee great earnings are expected and already baked into the stock prices

Most oil companies stay very profitable at 80 dollars per barrel

They actually want it down for long term to take heat off oil and gas and slow the transition to other energy sources

Since big oil made major changes during Covid, $35 per barrel is where most project basis started for approvals

Should be a good one to hold for dividend but I do think current top is in

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Should be a good one to hold for dividend but I do think current top is in

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I do too.

I’d be careful with oil.
The quarter ending June 30 is going to be great but the next quarter will be relatively lower.

Citi group calling for $65 oil by the end of the year IF there is a recession in the US. If other countries hit recession, it will go lower.

Texas may legit leave the union if that happened

And I think at that point you see a suit that winds up at the USSC. I thought it was unconstitutional when Brandon shut down XL. He shuts down the Permian and we are extremely outside the bounds of the constitution

Russia is going to struggle finding buyers as time goes by. Russia will also struggle to maintain their existing facilities. Then you have china coming back fully later this year. All of that on under capitalized supply. I think it averages greater than $100 over the next 2 years.