Oil 12 (Feb 21 - Sep 23)

[winston]

Why $100 OIl Is Different This Time Around

“Even with oil prices expected to climb higher, energy companies — burned by two wrenching oil busts in five years — aren’t clamoring for more real estate”.

“Under pressure from Wall Street to control costs, they’ve figured out how to do more with less - including fewer employees and fewer desks — while incorporating remote and flexible working arrangements that became popular with employees during the pandemic”.

Source: OilPrice.com

https://finance.yahoo.com/news/why-100- ... 00276.html

[winston]

Oil prices climbed 8 per cent on Thursday, extending a series of wild daily swings, as the market rebounded from several days of losses with a renewed focus on supply shortages in coming weeks due to sanctions on Russia.

Oil benchmarks in recent weeks have undergone their most volatile period since mid-2020.

After sliding as buyers cashed in on the run-up, prices resurged on expectations that shortages will soon squeeze the energy market.

Benchmark Brent crude futures added US$8.62, or 8.79 per cent, at US$106.64 a barrel, its largest percentage gain since mid-2020.

US West Texas Intermediate (WTI) crude rose US$7.94, or 8.35 per cent, to US$102.98 a barrel.

In the last eight trading sessions, Brent oil per barrel has traded as high as US$139 and as low as US$98 - a more than US$40 spread.

That has pushed many investors to exit, creating conditions for more wild price swings in the weeks ahead, traders, bankers and analysts said.

Source: Phillips

[behappyalways]

加油好貴! 美國返工潮 一年通勤費再添1300美元｜方念華｜FOCUS全球新聞 20220316
https://m.youtube.com/watch?v=-rPlcGLyD4c

[winston]

Fog of War Has Oil Agencies Split on Impact of Russian Invasion

by Julian Lee

OPEC actually made a small upward revision to their global oil demand forecast. War was only mentioned once in their report. OPEC also sees no disruption in Russian Supply.

The EIA did not significantly cut its global oil demand forecast either.

The IEA sees higher prices cutting demand by 400,000 barrels a day. The IEA also sees a 3m bpd drop in Russian supply.

Source: Yahoo Finance

https://finance.yahoo.com/news/fog-war- ... 27439.html

[winston]

Why Oil Crashed Back Below $100

Source: OilPrice.com

Incentive to close out some positions to lower the risk.

Textbook speculative overshoot followed by the correction necessary, to reset extreme positioning.

Russian oil flows to Europe can be replaced in the short term with OPEC members increase output beyond their current OPEC+ targets and also by the possibility of higher volumes of Iranian exports.

https://finance.yahoo.com/news/why-oil- ... 00677.html

[behappyalways]

India Ignores Western Pressure, Buys 'Cheap' Russian Crude
https://www.zerohedge.com/geopolitical/ ... sian-crude

[behappyalways]

Global Diesel Shortage To Push Oil Prices Much Higher
https://www.zerohedge.com/markets/globa ... uch-higher

[winston]

US Reportedly Weighs to Release 1M Barrels of Oil Reserve/ Day; NY Oil Futures Down Nearly 4%

The U.S. President Joe Biden is considering to release approximately 1 million barrels of oil a day from the country's oil reserves for the next few months, in order to tame the continuously soaring fuel prices, reported Bloomberg.

The oil prices tumbled as a result of the news. The Brent oil futures and New York oil futures sagged 3% and 3.8%, to post at USD109.95 and USD103.73, respectively.

Source: AAStocks Financial News

[winston]

US Strategic Petroleum Reserve

Releasing a million barrels a day for six months, or roughly 180 million barrels. That's about a third of the U.S. SPR.

Source: Forbes

[winston]

The Oil Rally Isn’t Over Yet

by Chris Igou

In short, volatility is back in oil… And what we’ve seen this month is a signal of more gains ahead. That means it’s not time to bet against oil just yet.

Source: DailyWealth.com

https://dailytradealert.com/2022/04/02/ ... -over-yet/