RE:RE:RE:RE:RE:RE:What's the next catalyst for VermllionThe SPR release is slated to end at the end of October just in time for US mid-term elections. They are releasing 1 million barrels a day until then. The Iranian reserves won't be enough to replace what the US released and the 1 million barrels a day they can start producing will only cover what the release was covering which means status quo or less if demand increases.
GLTA
stockmarket1 wrote: The U.S alone consumes around 20 million barrels per day so, one would have to starting thinking.....1) just how long the reserves will last. AND 2) .... fall / winter is approaching and there's ample uncertainty relating to the Russia / Ukraine and Europe story.
Oldnagger wrote: stockmarket1 wrote: Well, its quite obvious that the Iran deal will add more oil to the market dropping commodity prices as we are seeing now. What's funny is that earlier, I was thinking about Citigroup's comment months back about WTI hitting $65 by years end, while JPM was $120. Hmmm.... its looking like CITI is winning
Overertune wrote: How will the Iran deal impact oil market?
If the iranian deal goes thru, they have about a 100 million barrels in storage and the reported ability to ramp,up crude by 1 million bpd a few months later. Considering that the SPR withdrawals will be ending at the same time, I wouldn't imagine the effect will be very much. Rather as demand increases next winter, not having the Iranian Crude could be very harsh since there are very few other places that more supply could come from !! The world will just have to wait till Trudeau comes up with his hydrogen supplies LOL