It’s already been explained folks buy on the dip. How low/how long will the dip go/last is the question. If we all knew that answer we would all be rich.
We could see teens looking at 6 months charts. Take into consideration 9 months ago the start of the pandemic started and within the last 6 months the entire country was only on about a 55% lock down.
We saw for the first time oil commodity trade negative in that time period and then bounce back.
A dip in production should not take us that low again unless a lockdown is coming.
Middle East budgets need the price per barrel around $40+. A cut back to maintain that price is expected.
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