Oil declined in July. Hope I’m wrong, but I’m thinking along the lines of Goldman Sachs. Oil may be nearer to $150/barrel by the end of the year. No more SPR releases, declining Russia production and natural gas substitution for electricity generation during a colder than normal winter season. And realize we’ve not invested in LNG terminals so our excess capacity can’t be deployed in Europe to reduce oil consumption. Not to mention another trillion of DC spending.
I worry the July pause is a mirage, little more.
Here's a toast with one last pour, may it last forever and a minute more;
Good fortune seems to you have sung, to live and love way past long