SHEL - Cathie Wood doubles down calls top in oil as EVs set to destroy demand
In a now famous tweet following oil's (NYSEARCA:USO) historic pandemic-related price collapse, Ark Invest's (NYSEARCA:ARKK) Cathie Wood called for prices to return to $12/b: With prices reaching 10x her forecast early Monday, the famed technology investor doubled down, indicating that demand has peaked, and a policy-led response following Russia's invasion of Ukraine will ensure oil prices collapse under the weight of lower demand: Three question on energy investor's (NYSEARCA:XLE) minds could be 1) what feedstocks will be used to generate the electricity needed to charge EV batteries 2) what will those feedstocks cost 3) how long will the transition to EVs take. The war in Ukraine has shown Germany's low-carbon energy transition is somewhat reliant on the kindness of Vladimir Putin; even without restrictions on Russian energy exports, Germany is generating a majority of its electricity from coal (NYSE:BTU): And even with heavy reliance on fossil fuels, energy prices
For further details see:
Cathie Wood doubles down, calls top in oil as EVs set to "destroy" demand