Did you know energy is trading Sunday night?
At 830 PM est
WTI is up 1.6 %
NG is up 2.0%
Heating oil up 3.8 %
All eyes on OPEC+ will they cut production to support prices? They meet on Monday
This guy is bullish
https://youtu.be/G9Q0Me8VO7Y
This will be an issue come November. The lying politicians will blame oil companies for gouging and media won't say a word and provide cover
https://youtu.be/XmOt8vWDXUU
As bad as it is here, Europe is worse...NG could go parabolic !
https://youtu.be/fAbb4XroXYI
Crude is up premarket
Re: Crude is up premarket
Trading Economics
WTI crude futures surged over 3% towards the $90-per-barrel mark after OPEC+ surprised markets by agreeing on a slight oil production cut to support prices that have tumbled on fears about a potential global recession-driven demand downturn. The oil cartel will reduce output by 100,000 barrels per day from October, amounting to roughly 0.1% of global demand, to deal with macroeconomic headwinds and counter a potential supply boost from Iran. The market movement came after the G7 countries agreed to impose a price cap on Russian oil to reduce Moscow’s ability to fund its war in Ukraine.
US natural gas futures rose slightly to above the $8.9 /MMBtu mark in the second week of September, rebounding from the 6% decline in the prior week to track the jump in the European benchmark after Russian gas supplies via the Nord Stream 1 pipeline were indefinitely suspended. The move backtracked the previous announcement by Russian supplier Gazprom that flows would resume on Saturday after a period of maintenance, raising further concerns of Europe’s energy squeeze ahead of winter. In the meantime, a series of heatwaves this summer across the US has sent demand from gas-fired power plants. Meanwhile, Freeport LNG announced that it would delay the restart of its Quintana export plant to November.
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IMO the G7 price cap on Russia is a joke. Just a political move to make Europe's citizens think they can actually control the global oil market. Putin may refuse to sell any oil to Europe under a price cap, which will make Brent go higher.
The short 2 minute video on rising heating oil prices that Fraser posted is something all of you in New England should watch. I cannot stress enough, IF YOU HEAT YOUR HOME WITH OIL, I HIGHLY RECOMMEND THAT YOU FILL YOUR TANK AS SOON AS POSSIBLE. High prices are one thing. Not enough supply of space heating fuels to meet demand in the middle of a cold winter is much worse.
WTI crude futures surged over 3% towards the $90-per-barrel mark after OPEC+ surprised markets by agreeing on a slight oil production cut to support prices that have tumbled on fears about a potential global recession-driven demand downturn. The oil cartel will reduce output by 100,000 barrels per day from October, amounting to roughly 0.1% of global demand, to deal with macroeconomic headwinds and counter a potential supply boost from Iran. The market movement came after the G7 countries agreed to impose a price cap on Russian oil to reduce Moscow’s ability to fund its war in Ukraine.
US natural gas futures rose slightly to above the $8.9 /MMBtu mark in the second week of September, rebounding from the 6% decline in the prior week to track the jump in the European benchmark after Russian gas supplies via the Nord Stream 1 pipeline were indefinitely suspended. The move backtracked the previous announcement by Russian supplier Gazprom that flows would resume on Saturday after a period of maintenance, raising further concerns of Europe’s energy squeeze ahead of winter. In the meantime, a series of heatwaves this summer across the US has sent demand from gas-fired power plants. Meanwhile, Freeport LNG announced that it would delay the restart of its Quintana export plant to November.
------------------------------
IMO the G7 price cap on Russia is a joke. Just a political move to make Europe's citizens think they can actually control the global oil market. Putin may refuse to sell any oil to Europe under a price cap, which will make Brent go higher.
The short 2 minute video on rising heating oil prices that Fraser posted is something all of you in New England should watch. I cannot stress enough, IF YOU HEAT YOUR HOME WITH OIL, I HIGHLY RECOMMEND THAT YOU FILL YOUR TANK AS SOON AS POSSIBLE. High prices are one thing. Not enough supply of space heating fuels to meet demand in the middle of a cold winter is much worse.
Last edited by dan_s on Mon Sep 05, 2022 9:44 am, edited 1 time in total.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Crude is up premarket
Slap in the face to Biden who grovelled for more oil , got 100 k for one month
HAHA
I still hear on the news the need to move faster to transition. Transition to what, windmills?
John Kerry was on Bloomberg this morning saying we have to get off oil. Oh, that doesn't include his 20 m yacht parked in Newport, RI
HAHA
I still hear on the news the need to move faster to transition. Transition to what, windmills?
John Kerry was on Bloomberg this morning saying we have to get off oil. Oh, that doesn't include his 20 m yacht parked in Newport, RI
Re: Crude is up premarket
OPEC's actual production in July was more than a million bpd under their official quotas. All the cartel is doing is facing the reality that they are out of spare capacity. We are just at the beginning of a global energy crisis that is going to get much worse this winter.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group