Best advice I have heard to date. Eric discussed people selling off to take advantage of tax losses and other special causes that have played havoc with the market and fundamentals. Getting to 2024 will be much better:
https://www.bnnbloomberg.ca/video/oil-sentiment-is-back-to-historic-lows-2024-will-be-a-stock-pickers-market-eric-nuttall~2826824
Cliff
Eric Nuttall: Close your eyes for the next two weeks.
Re: Eric Nuttall: Close your eyes for the next two weeks.
reassuring video.
Re: Eric Nuttall: Close your eyes for the next two weeks.
As Eric point out:
The Sky is not falling
> The market has over-reacted to OPEC+ delaying their last meeting a few days. The cartel is still controlling oil supply.
> This world still runs on oil. Demand is down a bit, but supply / demand is still tight. Above ground inventories are still lower than normal.
> U.S. oil production is likely to decline in Q1, which is what usually happens each winter.
> Six months from now demand for oil-based products will be much higher, unless you believe we are heading into a major global recession. The overall market is sure not signaling that.
The Sky is not falling
> The market has over-reacted to OPEC+ delaying their last meeting a few days. The cartel is still controlling oil supply.
> This world still runs on oil. Demand is down a bit, but supply / demand is still tight. Above ground inventories are still lower than normal.
> U.S. oil production is likely to decline in Q1, which is what usually happens each winter.
> Six months from now demand for oil-based products will be much higher, unless you believe we are heading into a major global recession. The overall market is sure not signaling that.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Eric Nuttall: Close your eyes for the next two weeks.
API Report:
Actual:
-2.349M
Forecast:
-1.500M
Previous:
0.594M
Actual:
-2.349M
Forecast:
-1.500M
Previous:
0.594M
Re: Eric Nuttall: Close your eyes for the next two weeks.
- IMG_3452.jpeg (78.83 KiB) Viewed 11630 times
EquityClock chart showing we are close to the Seasonal lows.
Re: Eric Nuttall: Close your eyes for the next two weeks.
Eric Nuttall
@ericnuttall
·
2h
For most mutual funds in Canada today is the last day to trigger capital losses, so the selling pressure in energy stocks may soon ease. Further, net speculative length in oil is now at levels that at least historically have been near bottoms.
@ericnuttall
·
2h
For most mutual funds in Canada today is the last day to trigger capital losses, so the selling pressure in energy stocks may soon ease. Further, net speculative length in oil is now at levels that at least historically have been near bottoms.