Oil wants to go higher... if only it can just get over this pesky banking crisis. 

Or perhaps the headlines you’ve been reading are pointing to other boogeymen that are determined to keep a lid on oil prices. You know, the hyperbolic clickbait lines that steal your attention and distract you from an ever-tightening oil balance. 

I told you before that the only thing that can truly stop oil prices from surging higher are fears of a historic global recession — that fear is palpable in the market today. 

However, there’s no sign of any such major slowdown here in the United States, and we’re STILL consuming around 20 million barrels of petroleum products per day. Our thirst for crude oil products has been relatively flat for decades, too!

Gasoline demand is over 2.2% higher year over year; demand for diesel is climbing higher as well. However, our stockpiles of both these fuels are well below the five-year average. 

But here’s the thing…

When you see what’s coming down the road in 2023, the absurdity can seem maddening.

Now it’s time to recognize this buying opportunity for what it is.

Oil Outlook H2 2023

Recently, West Texas Intermediate was trading under $72 a barrel. 

There are several critical points to make about this key price level.

You see, every day that passes by with crude oil below $72 a barrel puts President Biden’s back against a wall... particularly since he announced last year that he would look to refill our Strategic Petroleum Reserve between $67 and $72 per barrel. 

The last time oil prices were well within this range, Biden’s energy secretary told us they wouldn’t be too hasty refilling the SPR and that it’s a long and arduous process. Granted, that statement infuriated the Saudis and led to OPEC+ cutting oil output in retaliation.

Here we are back in that price range again, yet we’re doing quite the opposite of refilling the SPR. 

Last week we sold off another 2.9 million barrels. However, before you start screaming at your screen, just keep in mind that this sale was in the works well before Biden’s historic drawdown strategy last year. 

Now let me show you where Biden misstepped.

Rather than announcing that the government was buying up oil — within his price range — right now, we were told the plan is to fill it up later this year. 

There’s just one problem: We’re NOT going to see oil below $72 this upcoming summer, fall, or winter!

Unlike the second half of last year, we’re dealing with much tighter fundamentals. 

Take a look at the latest projections for global supply and demand from the Energy Information Administration: 

Currently, the EIA believes that global consumption will rise by 1.6 million barrels per day this year and then grow by another 1.7 million barrels per day in 2024. Like everyone else, EIA officials expect nearly all of that growth to take place in India and China. 

Meanwhile, the EIA is calling for global supply to increase by 1.5 million barrels per day this year. 

Let me ask you: Where do you see oil prices going once the summer driving season is fully underway, or if the Russian-Ukrainian war exacerbates, or if China’s economy grows far faster than current projections?

By the time oil climbs back into the $80s and starts threatening $90 per barrel or, God forbid, another run into triple digits, President Biden will be wishing he snapped up crude this cheap. 

Mark my words — $70 oil is money in your pocket. 

One Oil Stock for 2023

If you're seeking a promising opportunity to capitalize on the oil market and ride the bullish wave in 2023, we strongly recommend considering Devon Energy Corporation (NYSE: DVN). Devon Energy Corp. is an independent oil and natural gas exploration and production company, with a primary focus on onshore projects within the United States.

In a recent announcement, Devon revealed a significant increase in its fixed-plus-variable dividend per share, showcasing the company's financial strength and commitment to rewarding its shareholders. This impressive growth in dividend payouts makes Devon Energy an attractive investment opportunity.

Although specific deadlines for the dividend payouts may have passed, that doesn't mean you can't benefit from being a shareholder. DVN is currently trading at an attractive price at around $50 per share, but we anticipate it climbing substantially higher due to the unique geopolitical climate and rising demand for oil.

Consider adding Devon Energy Corporation (NYSE: DVN) to your portfolio as a strategic move to leverage the potential surge in the oil market in 2023.

If you’re interested in seeing what Keith has to say about the tight oil market for 2023, have a seat and join him. Click here for his free presentation about this limited window opportunity.

P.S. - this could be a once in a lifetime millionaire maker event, so it's at least worth checking out.