Post by
downwithdotcom1 on Jun 27, 2023 12:45pm
and the Saudi 1 mill bbl/day cut kicks in....
SPR selling near end, the Saudi "go it alone" cut now kicking in against a massive surge of dark pool hedge fund shorting oil completely overwelming the physical oil price reality. The result?? oil is sub $70 and down another $1+ today. Wow, everytime oil creeps back , throw in interest rate increase action or even commentary and BAM!! down $5 in days...
the Saudis have warned twice now about price manipulation - i hope they take even harsher action to restore reasonable BRENT pricing to near $80 USD. In the back ground thou, maybe this sell-off is being fed by a potential IRAN nuclear deal (but not a deal so BIDEN can keep congress out of it ) which will lift most sanctions including oil meaning yet another blow to oil prices. Deeply frustrating, at the very least CVE needs to execute well and stop pushing out these debt thresholds to show the market their earnings power going forward..still holding but not trading...dwdc