Gut talk here.
It seems to me that when the commodity price is rising, often explorers without production, run harder than producers - possibly as they are undervalued by the market.
If the commodity price flatlines at higher levels, producers catch up to the gains made by explorers, and don't retrace much. Explorers tend to start falling starting with a quick selloff.
If the commodity price falters and retraces, producers don't see much of a selloff - but explorers get hammered.
Would be interesting to see a graph of this.
Also, I think that the oil price can't run much higher as consumers cut back on driving & more commuters use public transport in cities. Higher oil prices also get priced into goods and services, which further restricts the oil price from rising.
Lithium and renewable materials still have very restricted supply, and demand forecasts are stronger in coming years. More EV uptake will cut into oil demand.
Really looking forward to a flow test at Zapato. Hopefully the well is a little less "feisty" than Alameda-1.
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