Letters to the Editor can be sent to brian.zinchuk@pipelineonline.ca
Del Mondor. Photo by Brian Zinchuk
Forget about Iran, Venezuela or Ukraine for a minute as these are just a change in pitch of the oil consumption song.
I watch the oil markets and have this feeling of bullishness that has been building one brick at a time. The months go by and oil stays in that $57 to $64 range…signaling a buy when it hits $57 and a sell when it hits $63 or $64 – the classic range bound eb and flow of supply and demand.
What I have been noticing lately and not paying attention to any of the noise of geopolitical risk, is the sell urge at $63 or $64 appears to be getting quieter. This impending and market killing glut has not happened …just more rumors about the boogeyman around the corner. It has kept producers treading lightly and keeping dollars bound for drilling tight.
I haven’t even got to my Canadian oil rant that is ever present, the whole oil complex is ready for a surge. It feels good. If you are a Canadian producer then this is amplified for you. Congratulations because of the Fx you get to add 37% upside to your price. I haven’t posted for a while because I felt like oil has been on a bit of a rudderless ship but I think the next 6 months could be an interesting and pleasant ride.
Just my Crude Thoughts.
Del Mondor is owner of Weyburn-based Aldon Oils.
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