Post by
masfortuna on May 31, 2023 12:04pm
Russian oil fact
Russian oil is capped at $60. The lower oil trades, the more inline $60 oil appears. It's to Russia's advantage to try and drop the price. Just as it is to the Feds advantage to drop the price.
***Anybody find it strange that the EIA announces minor builds for 3 weeks at a time and then a major draw which offsets the builds? At the end of the day, the numbers balance BUT 3 bad vs 1 very very good report makes it look like demand for this commidity is at a low. As I said above, at the end of the day, the numbers will square themselves.Patience.
Comment by
Relaxrelax on May 31, 2023 12:52pm
It's just OPEC vs shorters. This is setting up perfect for oil if OPEC cuts this meeting with debt ceiling getting resolved, driving season and China reopening. Saudis need $80 oil period and they will get it. OPEC meets Sunday, they will put the screws to this market in a huge huge way.
Comment by
Re1ndeer2 on May 31, 2023 1:53pm
$80 is Saudi Government Budget Price....for years to come...