RIG will test 7-8$, imho, when these two lines colide, in like september or october. (It's current trend).
Expect some head wind in short term from slower global recovery (variant). It would be hard for XLE to return to where it came from; so that's extremely bullish .
No crap head lines can't change fact that there was underinvestment into oil exploration; thus oil companies focusing on profits first. Opec wants least 70$ WTI (supported by demand) not 50$/ br .
Also think that in short term whole energy sector has tail winds from value (DJI, VTV , industrials , etc) slowing down, and fake out rally in yields. But not in a long run.
Expect some head wind in short term from slower global recovery (variant). It would be hard for XLE to return to where it came from; so that's extremely bullish .
No crap head lines can't change fact that there was underinvestment into oil exploration; thus oil companies focusing on profits first. Opec wants least 70$ WTI (supported by demand) not 50$/ br .
Also think that in short term whole energy sector has tail winds from value (DJI, VTV , industrials , etc) slowing down, and fake out rally in yields. But not in a long run.
