RE:RE:SPR a nothingburgerFrom past price action, I was expecting to see a push down in oil price leading up to close of SPR bids on June 1. Still a few days for that to play out I guess, but with the bullish backdrop it may not work this time.
BayStreetWolfTO wrote: Hi Woke, I know many say the SPR is nothing...BUT
to be fair the SPR is keeping us from spiking for now...IF they didn't have the SPR we would be higher.
To be honest I much prefer the rest of 2022 to be 100-110 versus a 3 month spike to 150
If the SPR holds us around 100-110 I am extremely happy with the SPR release (even though it is VERY VERY bad policy to replace production volumes with inventory)....as it will benefit us.
So I wouldn't say it is doing nothing....BUT yes not doing what Biden hoped that's for sure.
But again I don't feel most in government have a clue as to what is going on....so we continue to benefit as Cdn O&G investors.
TheWokeLemming wrote: Biden's attempt to hold oil down is failing miserably. Good call BSW!