What a month! WTI hit $20.06 amidst a price war and fears of the coronavirus bringing the world economy to a halt. I know my portfolio has taken a massive hit, much like others’ (I’m assuming). The last decade has been an unprecedented bull market that history tells us has to eventually stop. It seems like now is the time the bear emerges from hibernation. Prices always recover, it may just take a while.
I’m assuming many of you, like me, are working from home. We’re having to learn to spend all day in the same place, develop new routines, and change how we experience the world. Warm embraces are now met with skepticism and disdain, customary western traditions like handshakes and cheek-kisses have all been pushed aside for elbow bumps and foot taps.
The last couple of weeks have been wild: raids for toilet paper, emptying grocery stores of all unperishable items (and perishable items as well), and the 24-hour news telling us how we’re all going to die from this virus. Amidst all the craziness, I wanted to share a few positives I have seen in the last week:
- People are finally washing their hands like they’re supposed to!
- We are learning to leverage technology for all its benefits, not just the superficial ones that are easiest to find.
- Even with the runs on toilet paper, there are stories of store owners and philanthropic individuals purchasing masks and hand sanitizer at their own expense to give away to the age group most at risk.
- On a recent bike ride around the neighborhood, I have seen many families out walking, playing and generally spending quality time together.
- Alcohol home delivery!
While I don’t want to underplay the current state of the world, I will say the world has seen much worse in terms of disease and economics. Many of our parents, grandparents, and possibly great grandparents survived the Great Depression and World War II, and ultimately experienced some of the wealthiest times ever known to mankind.
If it feels like we’re just entering the tunnel, rest assured there will eventually be light at the end of it.
In response to canceled events, SPE International has provided opportunities for us to experience Distinguished Lecturer Webinars, which we should all take advantage of.
Thank you all for being so understanding during these times. I hope everyone, and their families stay safe and healthy. Like always, feel free to contact me.
Sincerely,
Colin Beasley
Colin.beasley@denbury.com
(713) 502-5495