INK Ultra Money: Has oil hit the top of its range?
The current situation with Middle Eastern oil producers of low production and low prices is not sustainable according to Warren Pies, chief energy strategist for Ned Davis Research. In a must watch interview for oil patch investors, Pies pictures an oil market that remains under stress despite the recent rally. He also updates his playbook as crude oil demand recovers from its lows. He continues to like having some tanker exposure which if nothing else can serve as a hedge should the oil price play out as he expects.
Saudi FX reserves tumble (click to watch premium video)In terms of tankers, Overseas Shipholding Group (OSG) remains near the top of US stock rankings. Pies reiterates his favourite tanker stock which I have posted in the chat. If you have not registered, I resent the invitation link to Canadian Insider Club and Ultra members this morning.INK also heads into the oil patch this morning with a look at a small Canadian service company that has been lagging the sector. Contrarians may be attracted to it in part due to low valuations. Watch the video summary.
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