Is oil shortage over

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Fraser921
Posts: 2954
Joined: Mon Mar 22, 2021 11:48 am

Is oil shortage over

Post by Fraser921 »

In the span of one day wti is down 10 or more. I guess we don't need oil
dan_s
Posts: 34465
Joined: Fri Apr 23, 2010 8:22 am

Re: Is oil shortage over

Post by dan_s »

FEAR + lack of buyers on a holiday is causing this.

OPEC+ meeting next week should be interesting.
Dan Steffens
Energy Prospectus Group
Fraser921
Posts: 2954
Joined: Mon Mar 22, 2021 11:48 am

Re: Is oil shortage over

Post by Fraser921 »

Well, I did my part, buying my first crude mini contract of jan crude at $ 68.

I see cold weather coming to Europe

They will need LNG, oil, Coal, wind and everything else.

They already have an abundance of hot air from their politicians
dan_s
Posts: 34465
Joined: Fri Apr 23, 2010 8:22 am

Re: Is oil shortage over

Post by dan_s »

To add to the confusion, GAAP accounting rules will cause upstream companies with a lot of oil hedged to report HUGE gains on their hedges if oil stays under $70. This is why upstream companies hedge.
Dan Steffens
Energy Prospectus Group
Fraser921
Posts: 2954
Joined: Mon Mar 22, 2021 11:48 am

Re: Is oil shortage over

Post by Fraser921 »

I hope these durn companies hedged at $ 80.. :lol:

If i were Opec+ , I'd slow roll the supply increases, maybe cut it half to 200 k
If they do something oil can rally back half of today's loss

Just saw a burb Eu suspends flights to South Africa,

When Trump suggested doing this in Covid beginning he was slammed .Now these countries react 1/2 day later.They just can't give it up.
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