Baytex Energy Corp T.BTE

SPR Release or OPEC+ Increase or Nothing?

[Snowballer]

Interesting... will OPEC+ pivot (increase produciton) to appease Biden and others or will they call Biden's bluff on releasing oil from the SPR to cool prices?

But won't this risk even more market tightening (like what happened in CHINA) as market sops up released inventory only to have a lesser stockpile in reserve?  Any drop in oil prices would seem "Transitory" (temporty/short lived) lollll

BLOOMBERG

"Japan has called on the oil producing group to hold talks to stabilize the market. Over the weekend, U.S. President Joseph Biden urged the group to pump more. If OPEC+ doesn’t, the Biden administration is prepared to release crude from strategic reserves, according to RBC Capital Markets.

Stockpiles at the key U.S. storage hub in Cushing, Oklahoma, recently hit their lowest in three years. Later Tuesday, the American Petroleum Institute will issue estimates for Cushing as well as nationwide holdings."

https://www.bloomberg.com/news/articles/2021-11-01/oil-holds-three-day-climb-as-traders-await-opec-stockpile-data

[dandu1924]

Very curious, the USA are a major oil producer and last week the AEI  was huge built in the oil and now the USA asked to Opec + to increase  their production. So the USA are unable to increase their own production???, what is mean, in fact the USA reserve are decreasing  and this is why USA asked  to the Opec+ , so the oil price will just continue to going up.

[BayStreetWolfTO]

Dandu, getting into the data you will see the builds are NOT huge...we SHOULD be building more...October and September were a major impact... and the only reason we are building for a few weeks here is the backlog due to autumn refinery maintenenace Biden has a major problem going into winter and spring and he knows it He needs $60 oil now because he can see a rise of $20-40 per barrel coming.

[BayStreetWolfTO]

I would view a release of the SPR as very bullish. That said the eco warriors would be all over Biden for this move...can you imagine the headline COP26 and Biden releases oil reserves LOL

[Snowballer]

They already are! The fact that he's asking OPEC+ to pump more at the time of the climate summit when he's demanding less use of fossil fuels.  LOLLL Also all the gulf streams used by the elites for this climate summit are pointed out as hypocrisy. https://pagesix.com/2021/11/01/outrage-as-vips-take-private-jets-to-climate-summit/

[BayStreetWolfTO]

Snow, I think you highlight the piece all those clowns are missing....until you cut peoples demand for oil price will continue to rise. The jet thing is a joke...also I think I read somewhere Biden had a motorcade of 85 vehicles... WTH??? 85 vehicles...that is just stupid.

[riski]

Agreed.  If they want to get serious about emissions and climate change, they have to stop focusing on stupid little things like how much oilsands extraction emits or how great solar and windmills are going to be.  Solar and windmills are an environmental disaster relative to what energy they can generate.   People's habits need to change.  Electric cars are not going

[riski]

An large SPR release would be extremely bullish.  The kind of thing reserved for emergencies.