There's a lot less long-commuters post-pandemic and electric vehicles keep penetrating the market. Oil producers are expecting demand to just keep declining. They will not make investments to open up new wells unless the government gives them a handout to do so, which they probably will because politics. Same thing where Intel is waiting for a government handout in order to really ramp up US fab facilities.
Oil demand is not going to keep declining because with the exception of covid lockdowns, it has only ever increased. You do realize things happen in the world outside of the united states that affects oil. Countries are continuing to modernize and industrialize, which means more factories and more cars. Oil demand is projected to increase year over year for at least the next decade+
I bought one last week, ordered it in November. Surprisingly the best car buying experience I’ve ever had. I got it a little under MSRP, and they lowered my financing rate by an entire percent, which I didn’t even ask for. It was surprising and a nice change of pace.
Everyone been pleasant and I’m just paying cash for the car, so didn’t even delve into financing. I just was pretty blunt about not wanting to wait 5 months for my car. That’s more important to me atm then saving a few thousand bucks, since some asshole rear ended me and totaled my old one.
On days like today you have to look for the bright spots, no matter how thin they are...
Still got the Jan 24th low pivot (420.76) to play with for support. I'd be shocked if we gave that up today.
