Oil has traded below $70 for large periods of the last five years. The Citigroup prediction is useless, but that's because such public predictions by large financial institutions are always useless (they aren't going to release valuable information for free), not because of the % drop. Implying that oil can't possibly drop 33% is even more stupid. Anything can happen as far as markets go. You're probably someone who reckoned in December that it was "ridiculous" to think that SPX would trade below 4000 in 2022.
It's not just big tech that's in a bubble; but that's another topic.
I don't see how the price can fall when the demand is solid and the supply isn't rising.
In December 2019, you probably wouldn't have predicted a massive fall in demand in early 2020 but it happened. I'm not saying it will happen again, I'm saying you can't be sure it won't. Their "green catastrophe" is also better served by oil being expensive, not cheap.
Oil has traded below $70 for large periods of the last five years. The Citigroup prediction is useless, but that's because such public predictions by large financial institutions are always useless (they aren't going to release valuable information for free), not because of the % drop. Implying that oil can't possibly drop 33% is even more stupid. Anything can happen as far as markets go. You're probably someone who reckoned in December that it was "ridiculous" to think that SPX would trade below 4000 in 2022.
It's not just big tech that's in a bubble; but that's another topic.
In December 2019, you probably wouldn't have predicted a massive fall in demand in early 2020 but it happened. I'm not saying it will happen again, I'm saying you can't be sure it won't. Their "green catastrophe" is also better served by oil being expensive, not cheap.