RE: onwards and upwards6 Jul 2021 18:03
Many many factors affecting QFI ATM. Not least the price of oil which has had adverse effects from way back all the way to Alberta and beyond. Oil has been rising by about $4 a month since last November in a pretty straight line. I am aware of the problems of relying on extrapolation, but this had been a very steady performance. The argument is that the world is now in the upswing of an oil supercycle, but a reduction in exploration, exacerbated by the pandemic, and pressures from environmentalists (with good cause) are also helping, QFI in particular. There are cracks opening in the agreement in the OPEC/non OPEC meetings (particularly UAE) but the unilateral reduction of the Saudis has been important.
If Brent cracks $80 this week it has to give us an extra bounce, news or no news IMHO.
IE