Yes; many signs point to a correction (not a change in the long-term trend) but nobody cares.
They're canceling new refineries, and closing old ones for "maintenance". Shippers can't pay for the tankers they've got, and aren't building new ones. Apologies to Henry Groppe, but no matter whose figures you use, inventories are approaching historic highs, onshore and floating. No matter what the market says, the people who move oil and process it are pulling back.
We might be at Peak Oil, but we're not at Peak Demand - and seasonally, demand should be peaking now.
Almost everything crude-related is bubbly, being lead by futures. I was big into oil trusts and distributions, but trading has provided 4x the return of holding. Holding still makes sense with the correct time horizon, but not buying.
If/when it comes, correction will provide an opportunity. In the meantime there are better plays elsewhere, IMO.
Jim
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