Black Gold

The stock market is being driven up by surging prices and volume in energy stocks as the price of oil recovered and kept running after the Doha failure.

Despite the optimism, nothing has changed. The world is still massively oversupplied with oil and gas, and is running out of places to put the excess.

Q1 results are coming in well short of expectations. It is pretty clear the economy is in recession. But for the time being, earnings and the economy are taking a back seat to speculation in the energy markets. Good luck with that.

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