IEA Says End of Oil Price Rally in Sight as Output Recovers
The tightness in global oil markets that propelled prices to a seven-year high is starting to ease as production recovers in the U.S. and elsewhere, the International Energy Agency said. Demand growth remains robust, but supply is catching up and changes in oil stockpiles seen in October suggest "the tide might be turning", according to the IEA’s monthly report. If the forecast proves to be correct, it would provide a significant relief for harried consumers who are suffering the consequences of price inflation.
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Trading Giant Trafigura Says $100 Oil Possible on Tight Supply
The oil market is “very, very tight” and $100 a barrel is probably on the cards in the longer term, according to Jeremy Weir, chief executive officer and chairman of energy trading giant Trafigura Group. “There are no freely available barrels,” he said at The Financial Times’ Commodities Asia Summit on Tuesday. Additional supply is needed but it’s uncertain if it will arrive, Weir said.
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Excerpts from the book "Beating the Street", Peter Lynch:
"I’m reminded of this lesson once a year, at the annual gathering of the Barron’s Roundtable, when a group of supposed experts, yours truly included, gets involved in weekend worrying.
The Roundtable starts promptly at noon and is divided into two parts. The first part is an overview of the financial markets, in which we are encouraged to discuss where the economy is headed and whether or not the world is coming to an end. This is the part that gets us into trouble.
Here's a group of influential professionals who manage billions of dollars that belong to other people, and from one Roundtable to the next we can’t agree on whether we are facing an imminent global depression or an economic upswing.
We are confronted with the latest reasons that mankind is doomed: global warming, global cooling, the evil Soviet empire, the collapse of the evil Soviet empire, recession, inflation, illiteracy, the high cost of health care, fundamentalist Muslims, the budget deficit, the brain drain, tribal warfare, organized crime, disorganized crime, sex scandals, money scandals, sex and money scandals. Even the sports pages can make you sick.
The year we were the most optimistic about the future for the economy and the stock market was 1987, which ended with the famous 1000-point drop."
This is just a small reminder how our opinions oppose and conflict each other and how difficult it is to predict (imminent) future, no matter how much research you've done. It is also a reminder never to be overly confident in your personal beliefs - do not YOLO, diversify your portfolio into various sectors and invest long term. Happy investing!
Submitted November 16, 2021 at 08:34AM by LeMondain https://ift.tt/3kEjxX6
