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June 23, 2020
He's a long-term bull, but needs to see a COVID vaccine and a lower U.S. death count. He expects a slowdown after July 31 when PPP ends in the States, followed by weak demand there. During the pandemic sell-off, he recommended buying across the board. Since then, it's been overdone on the upside. He expects another pullback in the next few months, so investors should get ready and buy. Tax-loss selling at the end of the year will be another buying opportunity. He expects $50-60 WTI oil in 2021, and even higher after a vaccine is produced when oil demand will spike. However, he expects WTI to fall below $30 before this in the next couple months, because oil inventories are rising and the Saudis and OPEC have not met their oil production cutback goals. Expect supply-demand oil balance over the winter.
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He's a long-term bull, but needs to see a COVID vaccine and a lower U.S. death count. He expects a slowdown after July 31 when PPP ends in the States, followed by weak demand there. During the pandemic sell-off, he recommended buying across the board. Since then, it's been overdone on the upside. He expects another pullback in the next few months, so investors should get ready and buy. Tax-loss selling at the end of the year will be another buying opportunity. He expects $50-60 WTI oil in 2021, and even higher after a vaccine is produced when oil demand will spike. However, he expects WTI to fall below $30 before this in the next couple months, because oil inventories are rising and the Saudis and OPEC have not met their oil production cutback goals. Expect supply-demand oil balance over the winter.