RE:RE:RE:RE:Saudi Arabia to drop $100 crude target to win back market But you claimed the gold market was manipulated in past!!! Who/why was manipulating them? Why not tell us the Rationale for that or do you have one or chose at this particular time not to comment?
Right so now are you saying that the markets are never manipulated? Oil companies were charged in past for manipulating the oil markets upward, that opens up the possibility that they are now manipulated down. Clearly when an unsubstaniated Rumor drives oil prices down 3% but Helene does not affect oil markets is really odd. What has Saudi's response to the Rumor, likely dismissing it as more rubbish? It's absurd when the bears have to resort to a Rumor to move markets lower when pure fundamentals don't support any of their reasons. API/EIA reports mean nothing and the market sells off?
Shutting Rigs in the Gulf is a wash? Are you clueless on fundamentals of S/D relationships??? Less oil on the market, less supplies and prices go up. If it was a wash then what would be the effect of them shutting down the rigs permanetly?? Still a wash, LOL.
The markets were not manipulated shortly after Russia went into Ukraine as that caught everyone off guard and at the time it was mostly unsure the effects on oil, unless you had hindsight, so it took a while to devise a plan. Besides Biden claimed (FYI when we say Biden it includes the Dem party as Biden is too demented to control any aspect of Governing) as the apparent green cultist, he was going to shut down oil/gas until he realized that it was inflationary.
It is rather the urgency of the moment and inflation that is the main driver heading into the election, if inflation was still 6-9%, that would essentially hand the election to Tump. That is not an option! How do you bring inflation down - lower oil prices. Bingo. Inflation is now much less of an issue and the polls showing a close election demonstrates that. The speculation is, that the bearish bias, total disregard for fundamentals suggest possibly a political intervention to lower inflation via oil prices and the timing if absolutely perfect.
As for China it is essentially a black box of unknow reliable data. So the July import numbers were quite low but how is that possible if GPD was still +4.5% and gas consumption is essentially considered inelastic?
The news and data in August clairify what appears to be happening - the lower July numbers are reflective of the news recently that quite a few private oil refiners filed for bankruptcy as refining margins were negative. That must have lead to lower import requirements as bankrupt companies essentially shut down. But the demand was still there while gas exports were also reduced. So August comes in at the highest level since Aug 2023 indicating good demand, however the reduced oil exports to the region mean that the importing countries will now have to source that lost supply from other exporters. As with all bankruptcies, those refiners will be bought, at a discount and resume operations in due time. The China policy guarantees that will happen as they will offer subsidies if needed.
Finally the 1/2 point cut! Surely everone remembers you "hangging your hat" on that 1/2 point cut, how it would propel prices higher and how you gloated about the slight rise in prices shortly afterward. So now you are changing you tune about 180 on that thought.