Capitulation?
After a tough day for stocks and especially oil stocks, I’m wondering if this could be a tipping point. Right now rig count fell again this week but falls more next week is my guess. As companies are preparing 2026 budgets this latest rout can’t be good. My problem is I don’t think any of it is real. In theory, investing at the point of maximum pessimism seems easy. In practice, it’s incredibly difficult.
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ConocoPhillips CEO Ryan Lance says all this bearishness in the market is not evident in the physical market, and US stocks are low and OECD stocks are not building. As for the OPEC plus additions he said a lot of it are “paper barrels”. He doesn’t see this “glut” that people are taking about.