I wanted to get something out early this week after the bloodbath for oil and the energy equities. Price drives narrative, and we saw that last week for oil. I’m still stubbornly bullish, but that doesn’t mean oil won’t go lower short-term. I do think that the risk/reward from here is skewed, but that doesn’t make last week any less painful.
Summary
I went through some of the things I found interesting on oil, from inventories, to DUCs (drilled, uncompleted wells), sentiment, and positioning.
I also talked about the potential for a dockworker strike, with a deadline of October 1st.
I talked briefly about the shifting of the Overton Window on things like immigration, and the discussion around WWII and Winston Churchill.
For paid subscribers, I explained my logic on recent portfolio moves, and why I’m very bullish on Sable Offshore SOC 0.00%↑ and Navios Maritime Partners NMM 0.00%↑.
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