Oil 13 (Oct 23 - Dec 25)

[behappyalways]

Amazing. The US is the top oil producer in the world, beating Saudi Arabia by about 40% now
https://x.com/Mayhem4Markets/status/1835024467132563468

[behappyalways]

Biden's Department Of Energy Short On Cash To Refill SPR At Low Prices
https://www.zerohedge.com/energy/bidens ... low-prices

[behappyalways]

WTI Leaks Lower As Crude Inventories Hit Lowest Since March 2022
https://www.zerohedge.com/energy/wti-le ... march-2022

[winston]

Crude Oil Primed for Explosive Short-Squeeze as Bearish Sentiment Peaks

By Chris Yates

US oil production continues to show signs of stagnant growth

With sentiment and positioning at all-time bearish levels, oil prices are poised for a significant short-squeeze to the upside.

Should US oil production growth continue to disappoint, the energy bull market is likely to continue.

Source: investing.com

https://www.investing.com/analysis/crud ... s_headline

[winston]

Oil prices slide 3% on prospect of more Opec+ oil

Saudi Arabia will give up its US$100 price target in preparation for raising output, along with Opec members and allies in December.

If implemented, will add 180,000 barrels per day (bpd) of extra crude oil supply each month.

It will most probably lead to stock builds in 2025 and keep prices under moderate pressure.

Libya's crude exports have averaged about 400,000 barrels per day (bpd) in September, down from more than 1 million bpd in August.

Source: Reuters

https://www.thestar.com.my/business/202 ... e-opec-oil

[winston]

Prepare For These Stocks to Soar Soon

by Brett Eversole

Futures traders are near the most bearish we’ve seen in the past 15 years.

Today’s low oil prices and bearish sentiment won’t last for long. And despite how crazy it seems today, history suggests we’ll likely see $100 oil at some point in the next year.

Few investors think that’s possible today. But as a contrarian, you’d be smart to bet against the crowd… and bet on much higher oil prices.

Source: Daily Wealth

https://tradesoftheday.com/2024/09/27/p ... soar-soon/

[winston]

US buys 6 million barrels of oil for Strategic Petroleum Reserve

Bought 6 million barrels of oil for the Strategic Petroleum Reserve for delivery through May 2025. Cost of more than $411 million. Delivered at a rate of 1.5 million barrels per month from February to May next year.

Biden sold 180 million barrels in 2022.

After that, the department only has enough money in its fund for SPR purchases to buy about another 2 million barrels at about $75 per barrel.

Source: Reuters

https://finance.yahoo.com/news/us-buys- ... 56338.html

[winston]

HSBC Cuts 2024/ 2025 Oil Price Forecasts, Expects Supply Glut in 2025

HSBC lowered its oil price forecasts for 2024 and 2025, saying that increased production by the OPEC+ later this year will drive a supply glut in 2025, according to Reuters.

OPEC+ planned to increase output by 180,000 barrels per day each month from December, HSBC said, noting that OPEC+'s significant spare output and output growth in non-OPEC remained solid. However, demand growth is slowing in the midst of the energy transition.

HSBC forecasted a global oil oversupply of 600,000 barrel per day in 2025, including an oversupply of more than 1 million barrel per day in the seasonally weak 1Q25.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[behappyalways]

Hedge Funds are dumping energy stocks at the fastest pace since June 2022 according to Goldman Sachs
https://x.com/Barchart/status/1840982914831438207

[winston]

High global oil inventories

By DALJIT DHESI

“Next year’s downside to oil prices is a combination of an uncertain recovery in China, the eurozone’s tepid recovery and softening US labour markets.”

(Opec+) is expected to increase the supply of oil in 2025, compounded by potential production increases from the United States.

Source: The Star

https://www.thestar.com.my/business/bus ... nventories