Post by
geezer21 on Jul 17, 2023 8:02pm
Strategic Petroleum Reserve At Historic Low
Indicators that the price of oil is only going up from here:
US. Oil reserve at historic low. Refilling will add to demand.
https://www.zerohedge.com/energy/massive-us-oil-caverns-are-now-empty-will-take-decades-refill-thanks-biden
Shale production has been declining,
https://boereport.com/2023/07/17/us-shale-oil-natgas-output-set-to-fall-for-first-time-since-december-eia/
OPEC prouction declining since last September
https://ycharts.com/indicators/opec_crude_oil_production
Oil Demand Up in May
https://stockhouse.com/companies/bullboard/t.tal/petrotal-corp?postid=35543998
Libiya Closed In
Air Traffic Up
https://www.zerohedge.com/personal-finance/us-airport-traffic-returns-pre-pandemic-levels
Libya Oil Fields Shut Down
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Jump-As-Libyas-Largest-Oilfield-Goes-Offline.html
Russian Oil Exports Drop
https://oilprice.com/Latest-Energy-News/World-News/Russias-Oil-Exports-Plunge-To-The-Lowest-Level-Since-March-2021.html
Comment by
jwillis9 on Jul 17, 2023 8:19pm
Sounds Logical but we'll be in this sideways movement until this realization hits home!
Comment by
geezer21 on Jul 17, 2023 11:16pm
Oil has been climbing from a low of $17 in April 2020 to a high of $115 on 6 June 2022. Currently, the price of oil is climbing again since the last week of June. It crossed the 50 day moving average and butted up on the 200 day moving average. Fundamentals support that the price will continue to climb.
Comment by
geezer21 on Jul 18, 2023 6:03am
Oil has been climbing from a low of $17 in April 2020 to a high of $115 on 6 June 2022. Currently, the price of oil is climbing again since the last week of June The volitility over that period was due to COVID low then the Russian/Ukraine conflict peak. If you cancel those out the average price of oil is at a nine year high. You have to go back to Novermber 2014 for prices this high.