RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:market movementQuinte, nice one but there are few conspiracy theories, mostly different perspecives and speculations;
1) selling off 180 m/b of oil from the SPR certainly was political to a great extent as high gas prices and inflation is not good politics and can get you voted out as Jimmy Carter can tell you. Yes there was some disagreement as to how much an impact supplying about 1.5 m/b per day would have but that is normal discourse in markets. In reality do we know just how much an affect it had or were very high oil prices mostly self correcting? But we can agree that adding 1.5 m/b could have had a complementary
2) Selling the SPR had little political impact on the Biden admin. Outside of a little bit of oil market discourse there is little criticism as is for just about any other policy/position/bills they undertake. Goldman news with lower oil forecast is directing oil prices lately but we know they are in bed with the Biden administration. The issue with replenishing the SPR is that it seems to be not accounted for and properly priced in the markets. They have publically stated they will be replenishing the reseve at $80 wti or lower and magically that seems to be occuring, and in an election year none the less.
3) For OPEC+ what I said was, in two different occasions at least, the day they announced production cuts the market sold off heavily. Like within minutes - now how does news reducing supply not support prices but instead causes a 2-3% decline? There have been a few OPEC members that have sold slightly more than their quota but nothing substantial but the markets seize that to lower prices again. There is a clear bias news wise to lower prices which is consistent except for when hedge funds are ready to make some cash on the upside after swinging prices lower.
I find the selloff of oil today a joke, what's changed from yesterday - Libya is producing 600,000 b less per day but the China demand story resurfaces to drag prices 2.7% lower. We are being played for but the only thing we have going for us is good Canadian oil companies that can do well at $75-80 oil.