(06-25-2022, 07:11 AM)fenders53 Wrote: (06-24-2022, 08:08 PM)rnsmth Wrote: USA Rig count up 13 this week - per Baker Hughes.
Still below 2019. We will see when it slows. Slowing economy is my biggest fear for oil. IMO we didn't get high enough for serious demand destruction, but we are getting there. Consumers can't tolerate this level of inflation much longer. Not trying to fear monger oil. I just wished my crystal ball had warned me oil stocks would get hit this hard. I would have trimmed. 
. They are not at buy and happily hold forever prices now. There may be exceptions, but mostly not.
Slowing economy isn't good for any stocks. So if you say sell oil then you mine as well sell everything.
Oil to be is the biggest growth and driver going forward. Oil will head to $150 at some point. The only stocks that will be raising numbers will be the oil names.
I'm glad they sold off. I was pretty excited to add some of the best names in the industry on Friday.
I would normally never invest 100% in 1 sector but going forward I don't mind being heavily invested in the sector.
The only reason why the market was up 800 points was because we were in over sold conditions. No oil is in over sold territory and I expect a big rebound next week. That's what happens in a bear market. Numbers still need to lowered and you will see more and more companies warn over the next few months. This is why oil will be the best game in town.
VLO, EOG, XOM, CVX, DVN and others are way way undervalued now then where they should be. Even of oil drops to $90 they are in great shape. Not to mention they can even lower them at the pump $1 from here and there still printing big money lol . No to mention all these companies pay great dividends.
Still way to much uncertainty in the market. China, Ukraine, recession, high gas prices, interest rates, slowing growth ect. So you better stick to oil
