(Source oil price.org)
So the price of oil has dropped below $USD100 and gas has dropped from $9 to $5.5. The futures market seems to be dropping. If the trend is your friend, we seem to be going in the opposite direction as to my forecast. Which is, of oil being permanently greater than $100 as the new normal. Anyone care to comment? Do you think it will bounce back or will slide down to $60?
I really am having difficulty working out why it is dropping. It's the US driving season. The war in the Ukraine is ongoing and Russian oil is being removed from the market. Fracking production is still below 2020 levels. I was even reading that some countries in the EU are upgrading their energy infrastructure to burn Oil instead of gas.
All disclaimers. Badger is confused.
(Source oil price.org)So the price of oil has dropped below...
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