Oil markets have been on a bit of a rollercoaster this year. The expectation going into 2023 was that oil would be fairly range bound, with the majority of its time spent in the upper part of the range. And while it has dropped in price recently, that drop is from a September/October price spike, and it has just fallen back into the lower end of this year’s range.
As they say, the cure for high oil prices is high oil prices, and vice versa. I don’t expect oil to fall a lot further, even if we have a mild recession in the U.S. And I think the lower end of its range is a great place to look for oil and oil related stocks. Which brings me to a high dividend payer in the oil and chemical shipping business, Torm PLC (TRMD).
