RE:RE:RE:Boy did Nuttall get it wrong!The market was tight and still is in certain areas, but the condition of the worldwide oil supplies is not in the condition Eric Nuttall and the cheerleading crowd portrays. SPR has been filling some shortfalls but there are tons of oil left in that baby. Demand destruction IS occurring and that is reflected in OPEC's numbers this morning. They are projecting market surplus in '22 and '23 and even said they may have to cut in late '22 to keep market balance. OPEC has been far more transparent in the condition of the market than the perma bulls in North America over the last few years.
The futures market is not dumb and is not completely manipulated by evil powers. Eric is pounding the table saying 140 oil and MEG at 65 with 100 oil. Complete nonsense. The market is telling you where things should be. OPEC will defend oil at 90 Brent and they don't want things much higher than that. MEG is a great stock and will do well in the 75-85 WTI range which is where we should be. That reality might not help promoter Nuttall sell units, but its where the balance is.