Welcome to FOMC DayWatching Oil trading lower ahead of FOMC Minutes was expected let them get it out of their system but we know that Oil will rebound stronger than the last rally towards $83 and March will be the start of China showing stronger demand numbers plus we could be seeing an end to SPR if Biden smartens up and realizes that this isn't the way and what's going to happen to Oil prices when they decide enough is enough and start refilling SPR ahead of Russia threats which continue plus Russia is aware that Biden is running out of ammo and with Russia practically giving the impression that nukes could be brought out shows that Russia is feeling the squeeze losing Bil$ in lost revenue from weapon and Oil sales and anyone willing to talk nukes I wouldn't put it past Putin to cut Oil production further before the nukes come out, too bad there's not a pause button on SP till this blows over. This sell-off could be coming to an end and the reversal might start Monday the last 2 days of trading before March hits being the stepping stone toward $83+ China is growing, Asia is guzzling Oil down and that, is where the population can really have a 5 fold effect on demand after 3yrs lockdown compared to the US with 340Mil people and global population, hit 8 Bil this year highest ever so we're not running out of consumers and these are vehicle numbers and Asia wins gas guzzling award 2023 and I would assume that not all their vehicles are fuel efficient with a large percentage dated vehicles. When the reversal for Oil does start you'll want to jump in asap.
How Many Cars Are There In The World in 2023? Statistics by Country. (hedgescompany.com) 1). Asia: 531 million vehicles on the road 2). Europe: 405.3 million vehicles (282 million in EU plus 123 million in non-EU countries)1 3). North America: 351 million vehicles