The Deep State at work on oil
The Deep State at work on oil
https://www.zerohedge.com/markets/how-reuters-manipulates-oil-market-two-headlines
Re: The Deep State at work on oil
MY TAKE:
1. OPEC+'s increase of 180,000 bpd is a rounding error in a world that will soon be consuming 105,000,000 bpd.
2. I do believe that there are "Forces" that can control oil prices for short periods of time, but the global oil market is tight, and we have Iranian proxies blowing up oil tankers in the Red Sea.
3. Risk to oil supplies remains high (i.e. - Libya, Red Sea, Iran)
4. Saudi Arabia will defend the oil price. They need $80 Brent.
5. BTW U.S. and OECD Petroleum inventories are below normal for this time of year and low when measured on Days of Consumption.
1. OPEC+'s increase of 180,000 bpd is a rounding error in a world that will soon be consuming 105,000,000 bpd.
2. I do believe that there are "Forces" that can control oil prices for short periods of time, but the global oil market is tight, and we have Iranian proxies blowing up oil tankers in the Red Sea.
3. Risk to oil supplies remains high (i.e. - Libya, Red Sea, Iran)
4. Saudi Arabia will defend the oil price. They need $80 Brent.
5. BTW U.S. and OECD Petroleum inventories are below normal for this time of year and low when measured on Days of Consumption.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group