It is called "Market Risk".
When the overall stock market has a bad day and especially a bad week, big money funds have to sell some of their best stocks to cover withdrawals and margin calls.
WTI was up big this morning, over $2.00/bbl, but sold off in the afternoon. Good news is that there appears to be very strong support at $85/bbl for WTI and $90/bbl for Brent.
Hang tough. All of our model portfolio companies are going to report solid results for Q1 and they are off to a great start in Q2.
Demand for oil-based products exceeds demand today and will all summer. Peace is not going to breakout in the Middle East this year.
What happened today?
What happened today?
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: What happened today?
Oh, I thought it was because Biden warned Iran not to retaliate or he won't send them another 6 billion.