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.
Watch here for Garrett’s top buys…
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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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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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Garrett Baldwin examines the impact of earnings calls from two financial giants, and provides a snapshot of market moves to watch.
by Tom Gentile
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The S&P 500’s up rather nicely, hitting an all-time closing high, ever since Pfizer and Moderna announced their COVID-19 vaccine news.
But not everyone has yet caught on to all this “pent-up demand” and all the profit opportunities it offers.
Take a look….
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The Dow Jones today could bounce back after a four-day losing streak as Congress works toward another stimulus bill.
The S&P 500 is coming off its fourth consecutive losing week, with the latter off as much as 10% in September.
The Nasdaq has shed as much as 14% since the first of the month, which shares of Apple Inc.
(NASDAQ: AAPL) nearly falling into bear territory.
Investors are hoping that the worst is over.
But it's important to note that the S&P 500 is still stuck in a negative momentum trend.
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WTI crude oil prices continue higher in 2019 and are now up almost 40% from their December lows.
While consumers are feeling the effects of near $60-per-barrel oil prices at the gas pump, the rally has created a huge opportunity for investors.
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The Delaware Basin in arid western Texas and southern New Mexico used to be a good deal more inviting than it is today.
In fact, around 300 million years ago, when the region was south of the Equator, the area was a lush, tropical reef teeming with Permian life, covered by the warm Delaware Sea, which was part of the ancient Panthalassa Ocean.
Nowadays, the fossilized remains of that reef are exposed in the hot desert air, and the once-aquatic landscape has given way to scrub and the national parklands of Carlsbad Caverns and the Guadalupe Mountains.
The area is also known for its vast, thick deposits of limestone…
… and shale. Virtually endless expanses of oil-rich shale – wellspring of the second American energy revolution.
And one company is in the perfect position to reap the rewards of this ancient treasure...
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