2021Gamble wrote: I'll have to disagree. the US only has 30 days of Reserve remaining in their SPR - as they've been reducing already for months - my posts on WCP are there conforming the numbers if you want to go take a look.
Asfor the 100m barrels - that is an international release, and "only" China is playing at this point, and they and the US do not play well together
Biden has already cancelled the biggest pipeline that would reduce prices - anything else is "games", and will have very very limited short term impact and will have the opposite impact long term.
And lest people forget...this past week was the monthly turnover of contracts - and it doesn't take anything to see that was the reason for the recent changes in price - contract expirynand rollover...
... And on the above point of the monthly rollover- the fact that 'everyone' is once again playing contracts into the final days and hours of trading.... That is so BULLISH for oil, you might want to pull up the knickers and run ... Before the bull catches you in the rear end
As for "the Nuttal effect" of ATH volatility...
Won't be the first time,and won't be the last, $1.10 reentry for me. And the next time ATH 'runs' we'll be hitting $2
Cheers...happy weekend,,.pour your drink of choice...we go again Monday
Tomsson wrote: Nuttall was right but wrong Oil trending lower on a Biden strategic reserve release next week. A 500,000 - 1M barrel per day deviation is $5.00 barrel movement on oil price. So while nuttall is right a 100M strategic reserve release is 1 day usage, spread out over time it will force the price of oil lower. HOWEVER BIDEN'S plan must include medium to longer term policies to be effective to reduce the price of oil. My take would be a 25% tax credit for U.S. companies to invest in pumping more oil and thus energy investments. You can't rely on OPEC. BIDEN has the cards, but the question is, WILL HE PLAY THEM ? For Nuttall, and you guys to rely on a couple countries to force oil prices higher is not a good investment thesis. I say oil prices heading lower, the trend is now not your friend. Heading back toward its mean ($55). Just like other commodities have after the bubble burst in commodities. If no plan from Biden beyond strategic reserves then, barring a global recession (still likely) oil likely to go back up to $80 in 9 months to a year. So as a previous ath shareholder there is no reason to own ath here. Too risky. Buy the dip would be logical, but a company that doesn't have a high cost of production. I still say ath dropping back to .80. I've posted here the last couple weeks and so far I have been right. Ath already peaked and will trend lower. I have provided my thesis which is not throwing darts at a board or relying on a monopoly to control prices.