Oil 12 (Feb 21 - Sep 23)

[behappyalways]

Gas Prices In Europe Are Now The Equivalent Of $230 Oil
https://www.zerohedge.com/energy/gas-pr ... nt-230-oil

[winston]

Warmer US Winter?

Oil tumbled on Thursday as a forecast for a warm US winter put the brakes on a rally that drove prices to a three-year high above US$86 a barrel early in the session on tight supply and a global energy crunch.

Winter weather in much of the United States is expected to be warmer than average, according to a National Oceanic and Atmospheric Administration released Thursday morning.

"The report, indicating drier and warmer conditions across the southern and eastern US, is putting pressure on the complex," said Bob Yawger, director of energy futures at Mizuho.

Brent crude fell US$1.21 to US$84.61, after reaching a session high of US$86.10, highest since October 2018. US West Texas Intermediate crude settled down 92 cents to US$82.50.

Source: Phillips

[behappyalways]

Biden Reportedly Begged China To Release Oil Reserves During Xi Call; Quid Pro Quo?
https://www.zerohedge.com/geopolitical/ ... id-pro-quo

[winston]

Goldman Sachs: Oil Price Plunge Is Not Justified By Fundamentals

The move lower in oil prices so far this month has been excessive amid overblown worries about a strategic petroleum reserve (SPR) release and a hit to demand from the COVID resurgence in Europe and the United States.

“Our pricing model shows that the $8/bl price decline since late October is equivalent to the market pricing in a 4mn b/d combined hit to demand or increase in supply over the next three months”.

“This would be ... equivalent to a 100mn bl government stock release as well as a 1.75mn b/d hit to demand due to the current Covid resurgence”.

The U.S. was expected to release between 20 and 30 million barrels, with the rest of the group likely releasing a combined 30 million barrels.

Source: OilPrice.com

https://finance.yahoo.com/news/goldman- ... 00865.html

[winston]

US releases emergency oil in bid to cool prices

The United States will release 50 million barrels of crude from the US Strategic Petroleum Reserve to help cool oil prices,that will start hitting the market in mid- to late-December.

The release will take the form of a loan and a sale and was being in made concert with other releases from strategic reserves by China, India, South Korea, Japan and Britain.

Source: Bloomberg

https://www.thestandard.com.hk/section- ... ool-prices

[winston]

The Upside is Nowhere Near Over for Oil

by Dr. Steve Sjuggerud

As recently as March 2020, Texas had more than 400 active oil rigs. And that was well below the state’s roughly 900 active rigs in 2014. Today’s Texas rig count is a roughly 70% decline from those levels.

Source: DailyWealth.com

https://dailytradealert.com/2021/11/23/ ... r-for-oil/

[behappyalways]

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https://m.youtube.com/watch?v=apLJkALm14Q

[winston]

Oil prices to hit US$125 in 2022, US$150 in 2023, says JP Morgan

by Surin Murugiah

“We estimate 'true’ OPEC spare capacity in 2022 will be about 2 million barrels per day (43%) below consensus estimates of 4.8 million.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... -jp-morgan

[winston]

Three Bearish Factors Facing Oil Markets In 2022

1. U.S. - China trade war
2. Rising dollar
3. Soaring inflation,

Source: OilPrice.com

https://finance.yahoo.com/news/three-be ... 00246.html

[behappyalways]

World Economy Entering Period Of Oil Scarcity, Halliburton CEO Says
https://www.zerohedge.com/energy/world- ... n-ceo-says