RE:RE:RE:API Inventory:I did say that VV but I meant bs as I don't get the reasoning behind the headwinds entirely.
1. The fear of the Chinese economy slowing. I get that this can affect demand but it doesn't appear to be affecting NA demand yet based on the API and EIA reports.
2. The middle east peace agreements. Not sure how the conflict caused an increase in oil prices and why a resolution would now cause them to slump. The whole thing just seemed like a nothing burger as far a oil was concerned. In fact the Russia / Ukraine conflict seems like it should be a far greater oil concern and also appears to be nowhere near resolving itself.
So aside from the usual market manipulators which is mainly the market's futures traders themselves I see no other outside influences. Even the SPR is growing in size...slowly.
I hear rumours that OPEC+ would rather have Republicans in the White House so they may try to spike the price of oil and with it gasoline prices before the election but the only tool in their bag appears to be more production cuts so we will see what they do coming up.
Until then, collect the 10%+ div and wait for SAGD to be completed.
GLTY and all
VeritasVern wrote: Quinte, did you say "Should be slighlty bullish for oil with all the other bs headwinds"?
Interesting indeed - looks like you are starting to see that they are trying desperately to keep oil below $80. The question is who is intentionally manipulating the markets?