Latest Flynn

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

Latest Flynn

Post by Fraser921 »

https://blog.pricegroup.com/2023/05/22/right-behind-you-the-energy-report-05-22-2023/?utm_medium=email&_hsmi=259303296&_hsenc=p2ANqtz--szPSuI87QWm1yle17ai4fMBkKKiMFixD3oeDXzoluVq4xaZ8ORbJtg6QiF8JNvPsvHoiW0RsOawsDvUn4IksRITk_hg&utm_content=259303296&utm_source=hs_email
dan_s
Posts: 34465
Joined: Fri Apr 23, 2010 8:22 am

Re: Latest Flynn

Post by dan_s »

Phil: "This week we should see a crude supply drop of close to 3 million barrels of oil, even though we expect to see another big SPR release. Gasoline supply should also fall again by 2 million barrels and distillate supply by 1 million barrels. This is still the calm before the storm. Unless we see a deep recession, we will see a deep hole with demand outstripping supply."

Short-term is bullish for oil and long-term fundamentals are VERY BULLISH for oil prices.
> EIA and IEA are both over-estimating U.S. oil production growth.
> IEA always under-estimates demand for oil
> Demand for oil to increase by 4 million barrels per day from Q1 to Q4 and I sure don't see where that additional oil will come from.
> Plus, inventories of gasoline and diesel are below normal for this time of year.
Dan Steffens
Energy Prospectus Group
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