Athabasca Oil Corp T.ATH

So Predictable.....CHINA!!

[woodsmen]

Oil prices face pressure from slow China demand and inventory rise - Reuters poll

By Anushree Ashish Mukherjee

August 30, 20245:13 AM MDTUpdated 2 hours ago

[cahclick]

  So predictable -  Just saw on CNN that gasoline prices for this coming long weekend will be at a THREE year low. Hahaha Interest rate reductions promised for September  Lowest gasoline prices in three years . . . Remind me again, is this an election year ? :) One commodity (WTI) and so many players. This whipsawing of WTI is definitely a traders paradise. Pass

[matt2018]

This is more about OPEC+ and unwinding some of the voluntary cuts starting in Oct. They may feel its a good time to start this with the Libya situation. Just shows that traders believe there will be too much product available, even with the Libya shutdown vs, present & short term demand. Not much you can do about that, as almost everyone wants to grow production. OPEC not going to keep

[woodsmen]

OPEC already announced that back on June 2nd 2024 so like 3 months ago that they would in October, and that is already baked into this $70 Oil Price we see today!!   We conveniently trimmed $7 off the Oil Price back then when OPEC announced that.......

[matt2018]

What they say the plan is and if they actually go through with it when the time comes all depends on current demand, reserve draws/builds, etc. The news out of Libya this week perhaps reinforces to go ahead with that plan from back from June. This new came out this morning..... OPEC+ will likely begin unwinding its production cuts in October, six OPEC+ sources told Reuters on Friday.

[woodsmen]

It's just more drivel to pull a negative on Oil Price AGAIN for the same HEADLINE, the FACT is Oil dropped $7 in June when the news first broke that OPEC would unwind production cuts.   It is old news but I guess a double whammy to the Price of oil................................

[matt2018]

these OPEC guys leak news in advance of what they are thinking about doing to test the market reaction. Quite a coincidence that 6 officials "spoke to rueters" about this on Friday and then Oil price headed straight down. They were hoping that market sees it as a wash, increasing some production at Libya's expense, and Oil price holds steady. Many of these OPEC nations depend on that