Here's Why Oil Feels Cheap Right Now

Just a few weeks ago, WTI crude was knocking on the door at $90 per barrel... Just a few weeks ago, WTI crude was knocking on the door at $90 per barrel...                                                                                                      [Outsider Club Header] Nov 24, 2023 By Keith Kohl for the Outsider Club Here's Why Oil Feels Cheap Right Now Oh how the times have changed. Just a few weeks ago, WTI crude was knocking on the door at $90 per barrel. Geopolitical volatility had reached a [feverish peak]( in the October 7 attack on Israel and sent prices surging higher. Now couple this with renewed fears of [demand destruction]( from slowing Chinese demand, record output from U.S. drillers (despite sluggish drilling activity), the fact that Wall Street money managers are making incredibly bearish bets on oil... and we saw oil fall below $73 per barrel late last week. Oil feels cheap right now. Here’s why… 55.4 Million Reasons Oil Is Cheap I hope you’re enjoying the short work week. However, there’s one part of Thanksgiving we can all agree that nobody is thankful for: Holiday travel. In years past, traveling on holidays like Thanksgiving and Christmas have been the bane of my existence. You’d think so too if you’ve ever spent eight hours inching your way through 122 miles of bumper-to-bumper traffic on I-95. And that’s just my own driving experiences. [Exploit Congress’ New Law for Easy Money…]( Congressed just passed a brand-new law. It’s an obscure provision in the Internal Revenue Code… Which allows in-the-know Americans to claim $7,882 every quarter — courtesy of the U.S. government. If your retirement nest egg is running on empty, then… [Click here to exploit this new law — 100% legal and ethically.]( I can’t tell you how many travel horror stories I’ve been told by readers who had to brave the friendly skies. From the grueling hours standing in line after line at the airport, to flight delays — and that’s assuming your flight wasn’t canceled last minute, too — to the endless migraines from dealing with five million other people rushing to get where they need to go. But that’s the price we pay to be with our families and friends, right? And this Thanksgiving will be a little more special than the last few. You see, this year’s AAA 2023 Thanksgiving travel forecast has projected that 55.4 million Americans will travel for the holiday. For the record, this is not just a 2.3% increase over last year, but is also expected to be the third-highest Thanksgiving forecast since AAA started tracking this back in 2000. Demand isn’t just making a comeback, it’s strong. Not only will 49.1 million Americans hop in their car and make the trek to their holiday destinations, but our airlines are bracing for a record amount of air travel. In fact, the TSA is expecting to screen more than 30 million passengers this week. At least there may be a silver lining for some of us. Goldman Sachs: AI a "$7 Trillion Opportunity" Banking giant Goldman Sachs just said... That the artificial intelligence (AI) market could be worth $7 trillion in just a few years. And one former Wall Street analysts predicts it could hand you 5,300% profits — thanks to one little-known stock. That’s because this tiny firm holds over 200 patents on an AI breakthrough... One that will be in 70% of cars, 80% of hospitals, and 94% of corporations. To discover the details... [Simply click here.]( According to AAA, the national average for a gallon of gasoline right now is $3.31 per gallon. This is more than $0.25 per gallon cheaper than where it was last month, when crude prices were precariously higher. That may feel like a slight victory to some, but it may not last very long. If there’s one thing we can count on when crude prices dip this low, it’s OPEC. The group is set to meet this weekend in Vienna, and oil prices are already starting to rally over the potential decision to make a deeper cut. Although I’m not convinced we’ll see the group cut production further, it’s safe to say that the voluntary cuts by Saudi Arabia and Russia will be extended into 2024, which as The Wall Street Journal pointed out recently, is more than enough to ensure the surplus currently expected in the first quarter disappears. You see, OPEC doesn’t have to cut production for the market to remain tight. The real wild card here remains firmly in our hands, and whether or not the U.S. can continue growing production beyond record levels. If the EIA numbers are correct, our domestic production has been climbing all year and currently at an all-time high of 13.2 million barrels per day! That’s one thing to be thankful for this week. [Now let me show you exactly how to take advantage of it.]( Until next time, [Keith Kohl Signature] Keith Kohl [[follow basic]Check us out on YouTube!]( P.S. Today’s article was originally published by our sister publication [Energy and Capital](, which is solely dedicated to helping readers profit from the ever-expanding and ever-changing energy sector. If you would like to receive daily free email investment letters from the editors of Energy and Capital, [simply click here.]( Follow the Outsiders [YouTube]( This email was sent to {EMAIL}. You can manage your subscription and get our privacy policy[here](. Outsider Club, Copyright © Outsider Club LLC, 3 E Read Street Baltimore, MD 21202. Please note: It is not our intention to send email to anyone who doesn't want it. 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