Looks like traders like what's coming from OPEC so far.
WTI over $75.
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If the rumors are correct a 500K increase per month won't upset things anytime soon. Especially if more countries gradually open up from Covid. Give this six months and it will be a campaign issue. And gas prices at my station have still not moved. Literally not one penny. That can't last.
Well I didn't expect that. Looks like things will be less predictable for a little while. I don't really see it as bearish or bullish without more details. They'll cheat the planned increases for a few months and probably meet again by fall. Demand should consume that for now.
(07-06-2021, 01:19 AM)vbin Wrote: [ -> ]Crude is looking at $77
$80s won't surprise me within a week, then the market will pivot to fretting about the uncertainty. I'm now thinking there is little chance they wait months to resolve this. It will be interesting to watch how they handle UA. It sounds like they invested billions in production capability and have no intention of using their 2018 baseline. Saudi will have their hands full not angering Russia.
Another big draw for crude oil this week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.9 million barrels from the previous week. At 445.5 million barrels, U.S. crude oil inventories are about 7% below the five year average for this time of year. Total motor gasoline inventories decreased by 6.1 million barrels last week and are about 2% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories increased by 1.6 million barrels last week and are about 6% below the five year average for this time of year. Propane/propylene inventories increased by 0.5 million barrels last week and are about 18% below the five year average for this time of year. Total commercial petroleum inventories decreased by 9.9 million barrels last week.
Saw that. Shell have statement that high prices good for cutting down debt too and yet stock prices are falling. Market irrationalities.
Don't know a better thread to post:
Occidental to Announce Second Quarter Results Tuesday, August 3, 2021; Hold Conference Call Wednesday, August 4, 2021
Is this investment advice?
Is that news from 4 years ago lol. Sorry but that is fake news at it’s best. ?
(07-09-2021, 11:11 AM)fenders53 Wrote: [ -> ]Is this investment advice?
Not at all. Just passing along information as I come across it... =)