RE:The Cruelty of RealityWINDGOD46 wrote: And just as the oil bears were ready to crack open the champagnes and get the party going, word came from the ME that OPEC+were ready for another cut in oil supply. Wonder the Mclowns which way are headed, up or down the hills. Whichever way they are doomed; REALITY IS NOT UNFOLDING AS IT SHOULd and the 50 dollars oil will remain a dream. Biden's dream of 60 dollars oil seems also elusive and the refill of the SPR will be footed by the taxpayers at much much higher prices than originally thought by the"experts". I have a gut feeling these people will fatten my bank account. Cheers folks.
6; oil defies gravity even with the Chinese almost out of the picture; imagine them coming back what will happen to oil demand and the price.
100% agree with you that 50 dollars WTI is a long way out but remember Biden isn't refilling the SPR with WTI he is going to pay WCS which he could do today. The whole SPR release did bring down gas prices at the expense of Canadian oil producers and their shareholders. On top of that the US government made a few billion as well, remember the SPR was originally filled at much lower prices than he sold it for