1) Demand Destruction is not happening yet. Not even remotely. We're just beginning the summer driving season, and the upcoming 4th of July weekend is going to put pressure on Gasoline supplies.
2) We're just a couple of weeks away from 2nd Qtr Earnings Report season, which is going to be HUGE - although OXY will be one of the last to report (first week of August). Anyone who sells now will regret it later. Institutional investors and the big brokerage houses (Goldman Sachs, Morgan Stanley and JP Morgan) are going to do their best to get Retail Investors to sell in a panic and miss out on the great price appreciation to come.
So the overall message here is: HOLD!!!!!
$Occidental(OXY)$
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