RE:Pm wti update incl spr discussion You would think the SPR even covid issues in Europe are priced in , but your probably spot on. Still think it's nuetral to posiitve that they are using SPR to slow up the market. In my opinion just the suggestion of tapping
SPR reserves suggests strong demand , then what you take out you need to put back eventually , and my final thought is when prices crashed in March 2020. They were adding up the oil in tankers , in storage , and SPR storage . So it's net effect Is oil is being used drawing down supply
Just my final thought .........when Oil crashes the buzz phrases
are " there is no room left at Cushing". Inventorie storage is full .
That is crashing talk ........ so bullish drive price high talk is ahat
we are hearing today " Cushing could run out of oil in 3 months "
The major governments are releasing oil to supply the market.
Also Goldman Said they stand by there 85 dollar Brent 4th q average , and actually feel the pull back is massively over blown
The amount it modeled for a 8 dollar drop was demand drop of 1.4 M barrels a day , and a production increase at the same time
Essentially there is a lot of NOISE !!
Good luck all , we are in a structural bull market and this is a buying opportunity!!
Craig