With the markets in whiplash mode, Joe McAlinden, founder of McAlinden Research Partners and former chief global strategist with Morgan Stanley Investment Management, believes volatility is going to stick around for a while, and we might see a correction double of what we've had so far.
Canadian natural gas prices have held up so well that the majors are taking strategic positions to prepare for an eventual demand spike. But the paydays could be delayed depending on the outcome of the Canadian federal election on Oct. 19.
The Federal Reserve takes out its reference to "stabilizing oil prices" and the Saudi's are dropping hints of an oil production cut. This comes as U.S. oil production sputters and inventories falls. We may have just hit a bottom as crude oil companies quickly react and probably overreact regarding July's oil price crash.
Having less sweeping market consequences--but very key to the price discovery of the energy sector--is the news that the United States and five other nations have a struck an accord with Iran exchanging deterred nuclear development for easing of economic sanctions.