Saudi threatens opening flood gates if other members don’t cut production to cure current glut.
Have a nice day.
Oil getting pummeled
Re: Oil getting pummeled
OPEC meeting scheduled for this weekend might be delayed as Saudi Arabia expressed dissatisfaction with other members' oil production levels reports Bloomberg.< MY TAKE: "Let the Games Begin"
This is political gamesmanship. We live in a very noisy world.
This is political gamesmanship. We live in a very noisy world.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil getting pummeled
Fraser, note the "oil glut" is 1% below the five year average. EIA report this AM:
"U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve)
increased by 8.7 million barrels from the previous week. At 448.1 million barrels, U.S. crude oil
inventories are about 1% below the five year average for this time of year. Total motor gasoline
inventories increased by 0.7 million barrels from last week and are about 2% below the five year
average for this time of year. Both finished gasoline and blending components inventories
increased last week. Distillate fuel inventories decreased by 1.0 million barrels last week and are
about 13% below the five year average for this time of year. Propane/propylene inventories
decreased by 0.5 million barrels from last week and are 17% above the five year average for this
time of year. Total commercial petroleum inventories increased by 4.5 million barrels last week."
"U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve)
increased by 8.7 million barrels from the previous week. At 448.1 million barrels, U.S. crude oil
inventories are about 1% below the five year average for this time of year. Total motor gasoline
inventories increased by 0.7 million barrels from last week and are about 2% below the five year
average for this time of year. Both finished gasoline and blending components inventories
increased last week. Distillate fuel inventories decreased by 1.0 million barrels last week and are
about 13% below the five year average for this time of year. Propane/propylene inventories
decreased by 0.5 million barrels from last week and are 17% above the five year average for this
time of year. Total commercial petroleum inventories increased by 4.5 million barrels last week."
Re: Oil getting pummeled
I'm not too worried about oil. I expect a late day rally as traders don't want to be short going into a 4 day weekend.
Also, the Saudis, have fired a shot across the bow, and if they don't get OPEC+. compliance they can destroy the market by flooding it which they did a few years ago.
The world needs oil and mid 70's is a bargain
Also, the Saudis, have fired a shot across the bow, and if they don't get OPEC+. compliance they can destroy the market by flooding it which they did a few years ago.
The world needs oil and mid 70's is a bargain