RE:RE:RE:RE:RE:Getting closer to North American market openHighOctane89 wrote: riski wrote: Yes, I believe this is what is going on. Oil has always been a political trade and there has never been more political stake with the West's desire to limit Putin's revenue, the price cap, and Biden's need to be right about the SPR release and refill at $70. The current macro supply and demand suggests a WTI price well over $100. It can't be suppressed forever. There is a limit to what can be done and the free market eventually reigns.
Patience my friends.
dandu1924 wrote: NY manipulation, this is pretty clear and this is probably an another tool of Biden management.
Well the reality will start to resonate with the end of those SPR releases , think about this for a moment . On average the SPR was dumping 4M barrels per week into the market so not only do you lose that volume but the SPR needs to be refilled and will be looking to buy oil for storage . That change in flow volumes and an additional customer will be hard to ignore and difficult to continue supressing price . Just my take on it .
Hey Octane! I think your take may be incorrect. We are in mid-January and we are still dealing with the SPR releases. You have been posting this since October. To go along with China's reopening and the impact it would have. The impact has been thus far "sound of crickets in the night". Also they DON'T need to refill the SPR immediately or in the near future. At this rate, thye could drop 2 million barrels every week for the next 3 years if they wanted thus creating a cap on the price. Maybe they refill it in 3 years? 5 years? 10 years?
*** Finally, you did well selling BTE in October. I sold my trading portionas well. I always hold a core in BTE and my other energy companies but also sold in October my trading position in energy. The problem I have with your post is that it looks very familiar to your posts in October when you were actually selling. Try not to be so disingenious mate...