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Energy Investing
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Re: I call BS on paper oil price suppressionI’ll give you the devil’s advocate view: Falling global inventories (See Eric's charts) China reopening with Chinese traffic flows growing —> the “China Reopening” headline Pow-Wow has been bandied about and whispered into ears across the wires like sweet nothings. …. since all consumption $ comes from G10, not China, this point earns a ‘big whoop’. OPEC production still falling —> focus has shifted from supply, to demand in setting the price imo. “ Personal spending in the US dropped 0.2% month-over-month in December of 2022, worse than market forecasts of a 0.1% fall, and following a revised 0.1% decline in November. High-interest rates and rise in inflation levels started to impact consumer behavior.” DUC's now finished ( See XOM commentary) - see pt. Above Rising US shale gas/oil ratios - Supply North American oil companies restraining production growth -Supply Banks not lending to E&P's (ditto insurance companies not insuring) -Supply Just plain oil price manipulation! -same as it ever was |
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