https://blog.pricegroup.com/2021/11/23/ ... 1-23-2021/
President Biden is starting an oil war that he cannot win, and the causalities will be the U.S. consumers and union oil workers. After being rebuffed by OPEC Plus Russia to raise oil protection they now are embarking on a foolhardy adventure to try to manipulate the global oil markets with a release of 50 million barrels of emergency oil supply. The problem is that the real emergency is the Biden administration’s sinking poll numbers and a failed energy policy.
Flynns comments
Re: Flynns comments
OilPrice.com:
"The White House has finally walked the talk and announced the release of 50 million barrels from the US SPR, backed up by a series of agreements with key Asian crude importers who, in turn, would also release strategic inventories to tame outright crude prices. India already stated it would release 5 million barrels, South Korea and Japan are expected to come up with their numbers over the course of this week. Whilst cognizant that such bold moves might trigger OPEC+ to produce even less crude, the White House failed to trigger the expected immediate effect. In fact, the crude price surged upon hearing the news - primarily because of the loan nature of the SPR release and the potential of an OPEC+ backlash - with ICE Brent comfortably back above the $80 per barrel mark and WTI trading around $78 per barrel."
MY TAKE: Joe Biden has no concept of how the global oil market works and his entire team is so "woke" they won't even consider consulting with some industry experts. This "political crap" is going to come back to kill the Democrats next summer when gasoline goes over $5/gallon.
"The White House has finally walked the talk and announced the release of 50 million barrels from the US SPR, backed up by a series of agreements with key Asian crude importers who, in turn, would also release strategic inventories to tame outright crude prices. India already stated it would release 5 million barrels, South Korea and Japan are expected to come up with their numbers over the course of this week. Whilst cognizant that such bold moves might trigger OPEC+ to produce even less crude, the White House failed to trigger the expected immediate effect. In fact, the crude price surged upon hearing the news - primarily because of the loan nature of the SPR release and the potential of an OPEC+ backlash - with ICE Brent comfortably back above the $80 per barrel mark and WTI trading around $78 per barrel."
MY TAKE: Joe Biden has no concept of how the global oil market works and his entire team is so "woke" they won't even consider consulting with some industry experts. This "political crap" is going to come back to kill the Democrats next summer when gasoline goes over $5/gallon.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Flynns comments
David Turk , Deputy Sec of Energy is on CNBC . His boss is a total buffoon and he makes a better presentation.
In his discussion he denies ,(I guess that makes him a denier) that the climate crap has added to the problem. In fact he says, we need to move faster as we need more wind quicker
He wanted to take credit for dropping oil prices from 85 (a month ago). It was mention that Brent is 83 today.
Jeff Curie is on now of Goldmans Sach
Host asks if E&P companies are to blame. The ignorance is unbelievable.
In his discussion he denies ,(I guess that makes him a denier) that the climate crap has added to the problem. In fact he says, we need to move faster as we need more wind quicker
He wanted to take credit for dropping oil prices from 85 (a month ago). It was mention that Brent is 83 today.Jeff Curie is on now of Goldmans Sach
Host asks if E&P companies are to blame. The ignorance is unbelievable.
Re: Flynns comments
Todays missive
https://blog.pricegroup.com/2021/11/24/ ... e=hs_email
Biden’s big SPR release is already being laughed off by the market. Not only is the total amount of oil barely enough to cover a few hours of global demand, it is also because of the amount of high sulfur sour crude that will have hardly any impact on lowering the gas price and will most likely end up being exported to India and China
stupid and futile effort to try to manipulate global oil prices and Biden’s sinking poll numbers.
EBW Analytics reports that over the past twelve months, the natural gas front-month contract gained in eleven of the twelve final settlement sessions. The price inelasticity of natural gas supply and demand drove the September, October, and November contracts to gain an average of 49¢ as they rolled off the board. Similar fireworks are possible later this week. While short-term volatility may lead to wild price action, from a fundamental perspective a bearish weather shift has lifted the end-of-March storage trajectory above 1,450 Bcf—increasing the likelihood that NYMEX gas will slip from seven-year highs over the next 30-45 days.
https://blog.pricegroup.com/2021/11/24/ ... e=hs_email
Biden’s big SPR release is already being laughed off by the market. Not only is the total amount of oil barely enough to cover a few hours of global demand, it is also because of the amount of high sulfur sour crude that will have hardly any impact on lowering the gas price and will most likely end up being exported to India and China
stupid and futile effort to try to manipulate global oil prices and Biden’s sinking poll numbers.
EBW Analytics reports that over the past twelve months, the natural gas front-month contract gained in eleven of the twelve final settlement sessions. The price inelasticity of natural gas supply and demand drove the September, October, and November contracts to gain an average of 49¢ as they rolled off the board. Similar fireworks are possible later this week. While short-term volatility may lead to wild price action, from a fundamental perspective a bearish weather shift has lifted the end-of-March storage trajectory above 1,450 Bcf—increasing the likelihood that NYMEX gas will slip from seven-year highs over the next 30-45 days.