Oil 13 (Oct 23 - Dec 25)

[behappyalways]

South Korea discovers new oil and gas field worth 5 Samsung to help power AI

韓發現新油氣田 價值5個三星 助力AI供電｜方念華｜FOCUS全球新聞 20240604 @tvbsfocus

https://m.youtube.com/watch?v=7OShDIPBEZE

[behappyalways]

Afghanistan's Taliban Reports $80 Million In Crude Oil Sales In 10 Days
https://www.zerohedge.com/energy/afghan ... es-10-days

[winston]

by behappyalways:-

Share of global crude oil production
BRICS 41% > G7 29%

https://x.com/globaltimesnews/status/18 ... 4754286593

[winston]

It will take years for the oil and gas market to recover from the 'mother of all shocks,' Harvard economist says

by Jennifer Sor

Oil and gas prices have been affected by the "mother of all shocks," a Harvard economist says.

Energy prices have seen wild swings since the pandemic and the impact is still being felt.

"When there is an energy shock, it can take a huge price change to clear the market," Kenneth Rogoff said.

In the longer term, energy prices look set to rise unless investment picks up sharply, which seems unlikely given current policy guidance. Supply and demand shocks will most likely continue to roil the energy market and the global economy," Rogoff said.

Source: Business Insider

https://finance.yahoo.com/news/years-oi ... 44109.html

[winston]

Oil Is Heading Toward a Bottom

by Jeff Clark

The Energy Select Sector Fund (XLE) has declined 10% over the past two months.

The BPENER is nearing levels that often coincide with the end of a decline in the energy sector. Traders who are anxious to buy oil stocks can slowly start adding exposure now.

The energy sector may not have hit bottom yet. We could still see some weakness in the days ahead. But the sector is closer to a bottom than it is to a top. And folks who were looking to buy oil stocks two months ago have a much better opportunity to do so today.

Traders should look to slowly add exposure to the sector on any weakness in the coming days.

Source: Jeff Clark Trader

https://tradesoftheday.com/2024/06/25/o ... -a-bottom/

[behappyalways]

Visualizing Saudi Aramco's Massive Oil Reserves
https://www.zerohedge.com/energy/visual ... l-reserves

[winston]

Why Oil Prices Are Still on Track to Move Higher

by Marc Lichtenfeld

GDP is expected to grow this year in all but six countries (not including countries for which there is no data available, like North Korea), and global GDP is forecast to grow by 3.1% this year and 3.2% next year. That should lead to increased demand for oil.

We’re also headed into the summer driving season. A record 71 million drivers are expected to travel 50 miles or more from home to celebrate the Fourth of July, according to AAA. Of those 71 million, more than 60 million will travel by car.

On a technical basis, oil is breaking through an important area of resistance at about $80 per barrel.

Due to both the supply/demand equation and the technicals, I expect higher oil prices to arrive sooner rather than later.

Source: Wealthy Retirement

https://tradesoftheday.com/2024/07/04/w ... ve-higher/

[behappyalways]

Biden Admin Sells 1 Million Barrels Of Gasoline Ahead Of July 4th Holiday, But...
https://www.zerohedge.com/political/bid ... th-holiday

[behappyalways]

International Oil Companies Caught In Kurdish Smuggling Web
https://www.zerohedge.com/energy/intern ... ggling-web

[behappyalways]

Visualizing The Global Demand For Oil (2022-2045F)
https://www.zerohedge.com/energy/visual ... 2022-2045f