Post by
Tradestay on Jul 06, 2022 6:50pm
Citi Report Over Hyped
Cito call for $65 oil is based on world recession, within the same report they stated they don't perceive a recession is on the horizon in the US. Now how she we going $65, when commerical inventory for crude is below 5 year average, gasoline and distilalte is also below 5 year average. Ontop of this the SPR lost over 100M barrels in the last year, last week alone was a few million. Next week most probably will be more decline given 4th July travelling. So tell me someone how are we going to $65 how did they analysed that?. Lasty rates are increasing but check the rate charts historically we were well above today's rates pre pandemic and what did pandemic did? Answer it pumped cash into most people bank account. GLTA still hoping someone can give perspective on how we going to $65.
Comment by
BayStreetWolfTO on Jul 06, 2022 8:13pm
He already back tracked today to 80-85..his early call made him look like a fool...so he revised up LOL