And yes, because high Oil price is a main source of our economic problems, it may well benefit Oil stocks but it can cause economic collapse and with it all oil stocks in the process as well. And the reason Oil is high is because of geopolitics, and that is a variable difficult to predict.
But the fact is my call already came right, oil entered bear market on recession narrative, but I did say recently I did not expect any fall further than $88-93 on the crude which so far is right. I also expected a second leg higher and this gas pipeline supply issue will likely be that catalyst. Now we awaits if Putin will go that far, Europe's gas represents 74% of Russia's supply but EU will be short of about 10% if Russia proceeds because most EU countries except Germany have enough gas stored. If Putin cuts supply, EU will be the first to enter recession.
Paddy wants to hold his oil stocks and I said good luck to him, sincerely. I am nothing against that, my rant on oil never stopped people buying oil stocks, people will trade how they like.
