It feels like forever since WTI crude hit 120 in June as it is sitting around $75 a barrel today as oil continues its plunged towards lowest levels of 2021.But this weakness could be getting close to lows says Money Morning trader Garrett Baldwin, who sees lows closer to $70.
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Here in the U.S., the nation remains under 25 days' diesel supply.With cold weather and snow pressing across the Northeast, American citizens are forced to cut back on heating oil.They’re turning off their thermostats – wrapping themselves in blankets – and shivering in front of Netflix..
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There’s no mystery behind the energy sector’s strength right now: Diesel supply is at decade lows, with East Coast supplies dwindling to “code red” levels for the first time in years.Gasoline prices, on average, are up 10% nationwide from a year ago, despite the drawdowns from the U.S.Strategic Petroleum Reserve.And, thanks to Vladimir Putin’s continuing aggression in Ukraine, sanctions on Russia are getting even more strict.
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President Biden took another jab at Big Oil yesterday, taking aim at a record $30 billion in combined industry earnings this quarter.He threatened higher taxes on oil companies should they fail to work to lower consumer gas prices.Americans continue to face high prices at the pump – $.3.75 a gallon on average nationwide – despite the Department of Energy releasing millions of barrels of oil from the Strategic Petroleum Reserve.
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Shah Gilani explains why now is the ideal time to invest in oil before prices skyrocket again.
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Shah Gilani explains why the dip on oil isn't going to last, and how investors can position themselves for future gains.
Watch this video for my favorite energy play right now…
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Tim Melvin picks out an energy infrastructure stock that's on track to provide investors double-digit dividend payouts for years.
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Shah Gilani picks out the best four stocks to buy after the Fed rate hike.
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Shah Gilani picks out a traditional energy stock with a consistent dividend that's set to go higher thanks to a buyback program.
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Tim Melvin picks out a closed-end fund in the energy sector with the potential for high long-term yields.
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