I’d imagine an uptick is coming, but notable drop in WTI Crude this week. $10 in just a couple days.
Oil hitting 52 week low
- Thread starter CoffeeIsForClosers
- Start date
jUST THE OPPOSITE---SIGNS OF A SLOWING ECONOMY, LESS DEMAND FOR OIL HERE AND WORLD WIDE! NOW IS THE TIME TO START OUR DRILLING FOR OIL AND GAS--THAT WON'T HAPPEN WITH THE CURRENT BIDEN ADMINISTRATION. YET WE HAVE THE CLEANEST TECHNOLOGY REALATIVER TO FOSSIL FUEL EXTRACTION BUT THE USA WOULD RATHER BUY OIL FROM OUR ENEMIES WITH DIRTER LESS ECOLOGICAL FRIENDLY PRODUCERS AND BE HELD HOSTAGE TO OUR ENERGY NEEDS. IT IS CALLED INCOME REDISTRIBUTION WORLD WIDE, INSTEAD OF PUTTING AMIERICAMS TO WORK IN HIGH PAYING JOBS AND SUPPLYING THE REST OF THE WORLD WITH OUR ENERGY RESOUCES AND TECNOLOGY!
Big fan of this Larry guy, tbqh.
I also think that with Russia still churning out about 2m bpd at a deeply discounted rate to China/Indonesia/India is really helping cause the global price of oil to plummet despite there being limited inventory. Typically when inventory is low the price of oil jumps up, but the latest fed news + Russia supplying 2 of the largest buyers of crude with deeply discounted oil is causing global prices to drop.
I think now is a good time for Biden to replenish the SPR (assuming he hasn't already started orders), because i expect prices to jump back up 10-15% by the end of the month/mid-June.
It's all the effect of raised interest rates, as well as Chinese manufacturing taking a bath last month. I expect it to jump back up a good bit soon as you always see seasonal price increases over the spring/summer as well as OPEC+ sticking with their plans to cut production starting this month until the end of the year. World demand is steadily climbing and OPEC+ committing to cut daily production to try and raise the price of oil right before the summer is going to see us with a big spike in the near future.
I also think that with Russia still churning out about 2m bpd at a deeply discounted rate to China/Indonesia/India is really helping cause the global price of oil to plummet despite there being limited inventory. Typically when inventory is low the price of oil jumps up, but the latest fed news + Russia supplying 2 of the largest buyers of crude with deeply discounted oil is causing global prices to drop.
I think now is a good time for Biden to replenish the SPR (assuming he hasn't already started orders), because i expect prices to jump back up 10-15% by the end of the month/mid-June.
They're currently up over 750k bpd, which is the highest since the end of 2022, and is 2nd highest since the oil embargo of '19. US Corporations(mainly Chevron) have been importing more and more from Venezuela since Jan/Feb, but it seems like a lot of the movement has been stalled by politicking. I know Valero is lobbying Washington hard to get a license to resume dealings with Venezuela (similar to what Chevron currently has), but i don't think they've gotten anywhere. I think i remember reading somewhere about there being a ton of pollution/trash in Lake Maraicabo which is limiting their potential exports by around 200k bpd, but Maduro hasn't committed to cleaning it yet.
Venezuela easing back from sanctions was always going to take time, but i don't think we'll see noticeable benefits of their sanctions easing for another few months tbqh.
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