Bottom? Hmmm... not yet I thinkLooking at WTI now as it pops to $75.
News of the 625K bpd keystone shutdown is causing WTI to bump on the news, up twice as much as Brent. I expect it to retrace a bit from the news.
Funny that now Canadian oil supply is partially cut off, Canadian oil stocks are set to rise today. Shouldn't this go the other way? LOL.
It is not known at this time how long the pipeline will be shut down. If back online quickly, or word comes that it will be repaired soon, we may see a quick oil drop back down into the low 70s. I'm not buying it just yet.
Good thing there is lots of US heavy left in the SPR. Oh wait... Brandon sold it.
Good thing there is another leg to the Keystone to provide an alternate Canadian oil route to the gulf coast for energy security. Oh wait.... Brandon killed it.
FYI, as per Dr. Anas, the big backlog of ships in Turkey anchored tight to each other are mostly from Kazakstan carrying non Russian oil, not Russian tankers. Erdogan is Putin's ally. Russian ships insured by Russian companies are not embargoed, and pass through, while the ships chartered and insured by the west are being held pending insurance paperwork, as Turkey acts to enforce the rules as per the western embargo on non Russian tankers. This is said to be needed to recover the costs of an oil spill. Ironically, if you were at all concerned about oil spills in your waters, perhaps you shouldn't create a situation where you force a bunch of ships loaded with milliions of bbls of oil to be moored side by side, tight like sardines.
Just a tidbit of info about that situation. Now you know.