RE:RE:RE:RE:RE:RE:Nuttall comments - listen to this at the 5:14 markSo you called a bottom but not quite - because if you were wrong you have wriggle room. But the day of the inventory report you did say something along the lines of "oil isn't down today" ;-) when I questioned it, LOL. Everyone, besides yourself has noticed the bias and disconnet between oil inventory reports and any upside to prices.
Or how about the big hissy fit you had when I called you out on the 1/2 rate cut and how it wouldn't propelled prices higher like you said. Looks like it hasn't. That was a good one.
Or your opinion that the shutdown of oil rigs in the Gulf of Mexico with reduced production having zero affect on prices because the US would export less and it would be a wash - was a classic example of somewhere near ZERO knowledge of markets....
Russia has been evading sanctions and the $60 oil price with shadow fleets, this has been report often, and we have no idea what price nor the volume China is importing Russia oil at as they have their own deals and financial exchanges.
Blinkety-Blinken likes to pretend everything is in control while the middle east situation is the most dangerous it has ever been and continues to be more so by the week...
How about Ukraine, all good there I assume? Biden got that one under control? Oddly little news is emerging from that region or is it because the Ukainian army is slowly but surely getting chewed up. On to plan-F now - long range missiles are needed to negotiate a better peace plan for Ukraine. In response, Russia is preparing to use Nukes if needed, how's the Biden foreign policy working out for us?
I've spoken about Iran in past contrasting the different foreign policies and how Biden has allowed them to export oil. The $6 billion has been released and is sitting with Qatar's central bank. Iran has to use it for humanitarian purposes including food but as Nikki Haley said - lets be honest since Iran will move money around, freeing up their domestic expenditures of humanitarian/food expenses and divert them to the war effort instead. This is according to Reuters as well:
https://www.reuters.com/world/middle-east/iran-prisoner-swap-6-billion-spotlight-after-hamas-attacks-israel-2023-10-09/
The hr/hr market reaction for Israel not attacking Iran - yet - as a good reason a good reason to lower oil prices, but oddly that is with essentially a zero geo-political risk premium. That seems quite the pathetic reason to be bearish we can be quite sure the delay is related to gathering intelligence in order for the strike to be more calculated and targeted. Israel, knows the real enemy is not the proxies but rather Iran and they will respond with deadly force. But our most recent experiences with escalation on oil prices movements shows the upside it will be limited and then reversed downward - after all there are record short positions for a reason and it happens to be in an election year.