RE:Amrita Sen on OPEC This ongoing inventory game is just that, depending on how you want the oil market to appear, a particular pundit can cherry pick the data they want to use. This is just from memory but Eric for example promotes 5 year lows on inventories are they?
10 year inventories numbers are normal along with inflation adjusted Brent and WTI also normal. Eric has been saying US shale is in decline......13 million a day is not in decline and infact there are those out there that say that could be increased due to technological advances. So if we assume that regardless of the opinions of those who wish to cherry pick for their own advantage. What are the 5 year- 10 year so one would assume that O&G stocks should not be trading at 2-3 times but yet they are.We have been waiting for a rerate but based on the information available as to the oil market inventory/inflation adjusted prices why is there such a disconnect? Things as it would seem should be in all respects normal according to this cherry picked data, whats missing here? Are the Green wokies influenceing the market that much? Complete misinformation campaigns? I would hope a rerate is coming but there is continuously so much noise so I guess more patience which is running on empty.
So the decision OPEC+ comes to here should provide some up to date clarity on the supply/inventory picture and maybe we get a positive outcome and begin the rerate process (please) Things seem to be trending in the right direction so here's hoping!
JMHO & GLTA