Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
“HI James, could you please comment on the price of oil. With Biden restricting shale oil exploration, and the Russians and Saudis cutting back production, one would expect the price to rise. Or is it the COVID epidemic in the US and the US winter restricting movement of people and reducing oil consumption. Please let us know as opportune time to buy oil stocks.” – Thanks, Indran.
Hi Indran,
The oil price is remaining strong in my opinion considering the global economy is still under significant pressure courtesy of COVID. The futures contracts are in backwardation with December crude trading ~5% below March implying traders expect prices to decline during the year. However, we feel they may be wrong and MM is still comfortable being long the Energy Sector which is clearly in line with our reflation outlook.
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