WH hostility to energy recovery

[k1f]

Crude futures turned lower Friday after President Donald Trump suggested in a tweet that OPEC is keeping oil prices artificially high and said he would not accept that. "Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!" Trump tweeted.

[dan_s]

Trump needs to read the latest IEA "Oil Market Report"
> OECD crude oil and refined products inventories are all approaching the 5-year average. Already below on 5-year average days of supply.
> All U.S. and OECD inventories will go below the 5-year average by May 31st and are heading to critical shortages by July 31st.

OPEC is saying what they are saying because they have very little additional production capacity today. It will be easy for the cartel members to agree to extend the production quota agreement when they have no means of exceeding the quotas anyway.

Read this CAREFULLY: https://seekingalpha.com/article/416284 ... ng-started

[k1f]

Alas, Trump says his hostility comes not only from ignorance of reports, but from an effort to crush energy prices for political reasons. He kills environmental and fiduciary regulations not to favor the industry, but to encourage another overproduction boom that will serve his popularity. EIA and other agencies behave as if instructed to distort market info and keep energy depressed. This probably means that investment will only return to energy when physical conditions are undeniable. One of these days.

[dan_s]

The physical evidence of oil supply/demand tightening could not be much clearer than the 4/13 IEA Oil Market Report.
https://www.iea.org/oilmarketreport/omrpublic/

OECD crude oil inventories will be falling like a rock in May and June.