RE:RE:RE:RE:Supply won’t rebound as fast as demand: Mike Rothman on oil Thats it in a nut shell ditchdigger , the fact the media doesn't want to acknowledge this reality shows political appeasemennt trumps unbiased reporting . Supply cannot respond overnight but demand can expolde in a matter of days .
Politicians are also realizing how pissed off people are and are beginning to backtrack . BC now says it will treat Covid like the common cold and Ford (Ont) is falling all over himself promising to unwind these ridiculous restrictions with cases falling . People aren't dying from covid , they're dying from boredom and lost opportunities .
No matter the distraction I keep coming back to the same thing , BTE is rolling in FCF , WTI is $85 , nat gas is a respectable $4 . For whatever reason eastern jealousy heightens with anything considered good for the west . More Saudi oil is not the answer , neither are chinese solar panels made with slave labor . Canadian producers are making all the right moves , its high time they got the respect they deserve .
ditchdigger251 wrote: There's been a huge hole in O&G exploration since 2015. Between 2010 to 2019 there's been a steady 1.5mmbbl/d growth in demand (interrupted by Covid lockdowns for 2 yrs). Omicron's been overblown and will actually greatly enhance herd immunity making Covid endemic. There will be a springboard of pent up demand that will consume additional energy. If OPEC+ is having a hard time coming up with an extra 400mbbls/d of supply I wonder what will happen come June when demand is roughly 3mmbbls/d higher (my rough guess) with inventories already at 7 yr lows. Joe, Nancy and Chuck will all be filling their depends much faster than usual but still not as fast as the drop in their Party's poll numbers come this November's midterms. Stuffing ballot boxes like how the Grinch stole Christmas is their only chance.