The room was unanimous on that point. They didn’t want to hear about oil. Yet in the face of all those commonly held beliefs, the price of oil rallied.
Some see oil prices continuing to climb throughout 2018. That may be the case by the end of the year, but for now, oil prices are set to take a dip lower.
Uranium production for the first quarter of 2018 is down 50% from a year prior. Tightening supply and higher demand hint at higher prices, but the market still has a way to go.
The price of oil is nearly 200% higher today than it was at the bottom in 2016. And we could easily see oil prices spike to $100 per barrel on bad news.
This monumental shift will be the most dramatic in over 100 years, maybe even more so than when ships switched from coal to oil.
As I sat among some of the smartest geologists, analysts and fund managers in the mining sector, it really hit home. The copper market is going to boom.
I believe gold is on the cusp of a major breakout higher. However, gold prices are entering their bearish prime season, and a short-term pullback is likely in the cards.
Over the last couple of weeks, we discussed two reasons for the rising oil price. However, there is another source of anxiety in the oil market.