Is anyone paying attention?
Monday, last, was a huge buying opportunity.
Today, WTI:
- up almost 5%:
- up over $3.00 / bbl
- now trading at $70.31
What's MNRL doing? Up 3.44%; up sixty-five cent; trading at $19.53.
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Demand is back, international rig count down by about 50% for over a year. COVID does not stop oil well depletion rates. Just my opinion......
ReplyDeleteYes, there are two schools of thought: you have just expressed one of them --- all the data suggests there will be a huge supply-demand mismatch in 2022 with supply unable to keep up with demand; the other school of thought is that the oil patch can manage (somehow) to keep up.
DeleteI see it over at twitter: some analysts suggest that additional 400K bbls per day each month for the next fourteen months is a huge "overshoot" and will lead to lower prices. Others say that additional 400K bbls per day is well short of what is needed.