Athabasca Oil Corp T.ATH

Another crude dump

[lovehockey]

Someone just dumped so much oil for no obvious reason and the oil price dropped by a dollar within 60 minutes. The price of oil can only rise if these people run out of oil to dump. 

[Lukespapa]

I read somewhere that Biden has released 20 million barrels last week which followed a prior release of 10 (might have been 15) million barrels the week before. Drawn from the US strategic Petroleum Reserve. He's determine to keep oil prices down Probably not related to today but indicative of a broader supply problem long term.

[lovehockey]

Well yes, but before that he demanded OPEC to raise their production. That tells me Shale capacities are very limited and they do anything possible to keep oil/gasoline prices down for as long as possible. US and China are the biggest oil consumers and they are in the same boat. They need cheap oil as much as a junkie needs access to affordable drug - if they don't that will lead to a collapse

[Lukespapa]

Agree

[baranja]

The problem is,.. they are NOT selling real oil, but fake paper futures contracts, and at the end of the contract term, they can settle in cash only. No oil needed. That is the criminal rigging way done in NY and Chicago.  they can rig the prices anytime they want.. If is just the matter of world allowing them to do that. they came up wih some fake news about oil, and, boom, the go short 

[lovehockey]

These dumps are becoming weekly things. Last time it didn't even last a day