Day trader. Mindful that my edge is my employer. Like to be found cutting losers. Follow for possible entry exit levels and some crude banter :) EuropeJoined October 2014
So much for the stable price narrative: Saudi Arabia may require prices of almost $100 a barrel to cover government spending as well as the ambitious projects ofCrown Prince Mohammed Bin Salman, estimates from Bloomberg Economics indicate. The kingdom has spent considerable sums…
So much for the stable price narrative: Saudi Arabia may require prices of almost $100 a barrel to cover government spending as well as the ambitious projects ofCrown Prince Mohammed Bin Salman, estimates from Bloomberg Economics indicate. The kingdom has spent considerable sums…
my wife (and business partner!) described our work to her best friends as “oil and gas influencer” and then they all just nodded like that cleared everything up
my wife (and business partner!) described our work to her best friends as “oil and gas influencer” and then they all just nodded like that cleared everything up
Crude prices continue to ease back but we're still within the higher of the two ranges in which the barrel has been stuck year-to-date.
I personally won't get too concerned until Brent drops below $80.
Gonna need to see those sustained inventory draws before we break above $90.
US oil production is expected to hit a record 12.8 million barrels a day in 2023, helping supply a market that has tightened on Saudi output cuts trib.al/mVf6uWY
Wondering why crude prices going up.
It’s not because of strong demand but Saudis and OPEC+ will take out ~230 million barrels of supply in 4 months.
So even in a weaker demand scenario this will avoid inventory build up.
#OOTT#Oil
Img: Bloomberg Middle East Daybreak
OIL MARKET: Urals has surged to $59.98 a barrel FOB at Novorossiisk, according to @ArgusMedia data
If it goes up another 2¢, buyers wouldn't have access to Western shipping, insurance and banking as per the G7 price cap #OOTT
OIL MARKET: Urals has surged to $59.98 a barrel FOB at Novorossiisk, according to @ArgusMedia data
If it goes up another 2¢, buyers wouldn't have access to Western shipping, insurance and banking as per the G7 price cap #OOTT
Not convinced if wasn't for #OPEC meeting rhetoric today, we would be over $70 in #WTI . The current $72 or frankly anything starting with a 7 is just too rich for the current level of demand. Expecting sellers to take this lower.
Lets be honest. This is an endless battle over price manipulation.. #OPEC wants to be in control vs speculators / traders being in control.. all dressed up as "price stability." #OOTT#WTI
Lets be honest. This is an endless battle over price manipulation.. #OPEC wants to be in control vs speculators / traders being in control.. all dressed up as "price stability." #OOTT#WTI
Lets see if #wti $71.60 now a price ceiling given supply cuts have been extended.. but where is that demand to maintain this equilibrium. Still not seeing a bullish case for #crude over the summer months. #OOTT
Remember in July and August exaggerated price moves especially in the out-of-hours market does not necessarily indicate a meaningful trend in price. More a sign of low volume trading. The almost 200bp rally in #WTI from the lows a good example.
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