Gear Energy Ltd T.GXE

Biden finally stop release on SPR..

[JTDOUBLE]

Now time to fill it up ... 200 plus millions barrels!!
 

https://ca.investing.com/news/commodities-news/biden-admin-stops-pulling-oil-from-us-reserve-after-14-months-of-draws-2879911

[Roscoe747]

From where? Mayan and Orinoco? Probably WCS is their best price but the Gulf refineries are set up for heavy oil so it may be $70 USD ($90+ CAD) or more this year.  At the end of 2023, TMX starts exporting 860,000 bbl/d that will knock a large dent in the WCS differential so Biden better giddyap while he can. All in all, things are looking up for Canuckistan. 

[geezer21]

Which ever way it goes it is good for for investors. - Without SPR injections supply will be down -  With purchases demand will be up This does nothing to increase production or to satisfy consumption.   It is simply taking oil out of the ground and storing it back in the ground. It is pent up cosumption. Once used you no longer have it to goose supply.  It has a limited

[JTDOUBLE]

Take away the political manipulation oil should be trading in the north of 90 bucks.. The additonal of 220 millions barrels added by SPR when China is in lockdown was the culprit.. We should see more upsoide for oil now!! Glta

[Roscoe747]

I wonder what Opec's response will be to support a $90 floor price when they can not even produce enough oil to meet their target volume with no impact on oil pricing. One can assume that when demand increases, (inflation controlled, recession overblown, interest rates normalising, economy growing, China demand increasing, consumer travel demand booming). Opec will not pump enough oil to keep

[JTDOUBLE]

Opec lack of spare capacity, with China daily volume of import of oil pre covid was 10.8 millions barrels it will be interesting to see where oil go!!  im with Goldman and morgan stanley call for $ 110 per barrel and quick spike to 130-150 range by summer!!