Post by
JTDOUBLE on Aug 31, 2022 1:39pm
EIA reports 3.3 millions inventory fell..
Complete manipulation not sure how long these will last..
With SPR and China still on lockdown, inventory still being depleted.. Fundamentals are not in equilibrium with oil Price ..They can only hold this manipulation for so long .
Comment by
Luckyeleven on Aug 31, 2022 2:18pm
Demand showed weak numbers though down to about a year ago. Most energy names green so not so bad.
Comment by
Roscoe747 on Aug 31, 2022 3:26pm
Fear of demand destruction is greater than confidence in supply deficiency. Emotion overrules logic - until reality rebalances the scales. That reality is forthcoming when demand is not destroyed but supply is still deficient. The US is drawing down not only the SPR but also product inventories. The indications I've read suggest demand destruction will begin at $US150. We shall see soon.
Comment by
Luckyeleven on Aug 31, 2022 3:40pm
The thing is demand numbers are weak now. OPEC looking to cut production is not good and they say we have a surplus. It's not just about US inventories. Who knows you may see oil spike to 150, I can't predict the oil price. In mean time GXE under performing again today. Just this last week see a 25% divergence in GXE and GTE to show how badly this is doing.