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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (66051)8/26/2019 8:00:06 PM
From: Goose94Read Replies (1) of 202374
 
Crude Oil: Josef Schachter, I have commented regularly on Market Call that I am a bull on the energy sector and investors should buy during market dips. On WTI crude oil: OPEC is making and holding significant cutbacks, Iran sanctions have returned, companies are more focused on financial return and balance sheets, and Alberta is continuing with crude oil apportionment into the end of 2020. While we see a breach of US$50 per barrel in the short term, we’re looking for a recovery in winter 2019-20 to over US$70 per barrel from a low of US$46-48 per barrel over the next month or so. Our view is that a new energy bull market started in February 2016 when WTI was US$26 per barrel, which could last five to seven years, and in the outlier years we should see more than US$100 per barrel for WTI on a sustainable basis. Use market dips to add to positions. For the S&P/TSX Energy Index (now 122 points), we see a pullback to less than the 110 level, which should provide the next great entry point. In the near term, we see overall market weakness as the continued trade war pressures the general stock market. A 10-to-20-per-cent stock market correction in the Dow Jones and the TSX is possible into late October 2019.


BNN.ca Market Call Monday August 26th @ 1200ET
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