Baytex Energy Corp T.BTE

Biden's oil traders at it again

[riski]

We are back to American traders pounding WTI at the start of each trading day.

Politics and oil - forever intertwined.

[Moemoney42]

Yup they had to walk WTI down below $80 USD for Biden to make some SPR buys.. when he's done buying, the price will rise again.. IMO How long will it take to grab enough contracts to make himself happy for now is hard to say.. but he can't afford to grab too much at one time.. that will upset the global demand picture.. steady as she goes folks..!  

[riski]

Yes, but the attack on oil to facilitate SPR purchases should raise some eyebrows with world oil traders. Surely they know what is going on by now. They probably just not sure how much money the US government is willing ot throw at hired trading houses to make it happen. But the strong desire to reduce oil to buy SPR sends a message of desperation that can only come from concern over keeping a

[Hightowntrader]

Biden only does this for optics anyway, and then cancels the contracts a few months down the road saying it is too expensive anyway...