It will not happen immediately, surely. There will be more volatility and panic. But rest assured that the rout in the oil market will be unmade soon enough.
HCLP is already back to $54. You could have purchased shares for $40 just last week. The markets were scared, but then HCLP announced a 9% hike to its dividend. Now all is forgiven.
BAS is back to $15 from $11.50 last week.
ETP is above $65 again.
NADL is flirting with $6.
VOC has regained $11.
Those are big comebacks. I told you, the scare was not about a looming slowdown in the oil and gas space. It was more about frightening you into loosening your grip on the precious. Now that Jimmy’s friends have loaded up the trucks, we’re free to stop pretending like that Saudi Arabia rumor was ever anything more than the flapdoodle it was.
For the day I’m already up another 2%.