NVDA -0.12%↓ (ruthless) and SPY 0.98%↑ are still hovering above our stop losses in a neutral market for next week.
Despite initial beliefs that there was a surplus of oil last year, predictions suggested a drop in demand, with expectations of stability after the COVID-19 pandemic. However, unforeseen events have changed this outlook.
Following the IEA's initial forecasts, Saudi Arabia and its OPEC+ allies declared plans to cut oil production by approximately 2 million barrels per day starting in January 2024. Initially intended as a temporary measure, recent statements from OPEC+ hint at extending these production cuts until the latter part of the year, possibly until the end of 2024.
These reductions, alongside disruptions in shipping caused by actions from the Houthis in the Red Sea, are putting pressure on global oil supply. The most recent report from the IEA, published last Thursday, predicts a global oil deficit in 2024—a significant shift from its stance just six months ago.
This revised outlook suggests that energy costs for consumers are likely to rise, an opportunity for investors to position themselves.
Currently, the entire energy sector is experiencing a surge, indicating the possibility of further upward trends.
ESPN > CNBC
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