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The Joe Biden economy, with rampant inflation and bank failures, is creating a malaise and a disconnect in oil and gas markets. Not only are they trying to disconnect your gas stove, but crazy climate and economic policies, not to mention an energy policy based on emotions and lies, could be creating policies hampering investment and raising the risk of a future energy price shock. If you like your stove, you can keep your stove! No one is trying to take your stove away until they are. We are seeing uncharacteristic pessimism surrounding the economic outlook based on speculative short selling, which happens to be the highest since the global pandemic, even as the tight supply situation does not justify all that negativity. This energy market pessimism comes from an energy policy disconnected from the actual supply and demand situation, causing a drop in investment and encouraging more OPEC production cuts. Economic worries continue to allow oil prices to ignore that demand is strong and supply is tight. It also seems to be a bet that the Biden team and the Federal Reserve will drive the economy into the ground. Gasoline inventories are at the tightest level they have […]
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