The coronavirus outbreak is a "black swan" for the oil and energy industries, Ned Davis Research said on Monday.
At the end of January, the firm downgraded its outlook on oil to neutral from bullish, and Pies said that there could be more downside ahead. The outbreak of the coronavirus is a "true black swan" for the oil and energy market, and as crude prices continue to move lower the worst may not be over yet, Ned David Research said in a note to clients Monday.
At the end of January the firm downgraded its outlook on oil from bullish to neutral, and Pies said that his best guess is that "crude oil and energy equities will see more weakness before this is over."
That's an opportunity that knocks only once or twice in a lifetime.
Efficiency has beaten demand. Inefficiency has beaten demand. Fracking and the EU. The coronavirus is a blackeyed pea.