Obsidian Energy Ltd T.OBE

WTI price

[JohnJBond]

Something seems off about WTI's price drop this morning 

$111 less 19 hours ago

Saudi Arabia raised their price more than expected - reflecting their lack of spare capacity and strong demand 

WTI's price dropped $11 to $100

That doesn't seem like a normal market reaction to me 

The WTI upside price catalyst is Saudi Arabia's inability to export much more oil.   Their price hike is a further indication that their claimed spare capacity is false 

The WTI price fell as is 2 million more barrel just appeared 

That's weird 

I can see the longer futures prices being affected by recession speculation, but not the near spot WTI price 

It would be interesting if Biden is manipulating the WTI trading market

[Mickey2]

Look at the US dollar index....so strong today...+1.60%....commodities are getting crushed as a result including oil and gas.

[Hendrick3]

Market manipulation by the Biden administration occurred to me as well. The paper market is very large and easily manipulated. 

[JohnJBond]

The large drop in oil financial markets today seems very strange to me. Yes this market is very large - but large is usually associated with difficult to manipulate. How would a government manipulate a financial oil market?    It would seem to be an SEC violation in the US.   Its not something the fed could do.   Governments can talk things up or down, but

[Hendrick3]

I may be grasping at straws but the plunge is completely out of sync with the reality of an energy crisis. So I look at it like a murder scene (certainly a lot of blood). Who has the motive? Obviously the Biden administration has the motive. I also suspect that the fed could take their massive resources to create a short blitz in the paper markets knowing that once triggered, the computer and

[JohnJBond]

Another beneficiary is Buffet - who has recently been adding to his oil position A man who knows how to manipulate - largely responsible for one of Biden's first acts - stopping Keystone.    Thus protecting his rail investments A man who is probably part of Biden's tool kit   Also a man who has complained about algorithm impacts on the market - so May know how to

[kavern23]

Investment banks like Goldman Sach and JP Morgan create and bs and distort facts to create panic and even this whole crisis.  Data hasnt made sense. "Gas demand currently sits at 8.93 million b/d, which is lower than last year’s rate of 9.11 million b/d at the end of June." USA gas demand is lower then covid 2021 numbers.   Consiracy is in them pumping oil to 120 with

[JohnJBond]

That may be your view. However the data shows that OPEC's inability to pump at its own quota's was not shared equally amongst all OPEC countries. The poor OPEC members where those who couldn't keep up.    If OPEC was following the conspiracy you describe to under deliver, one would expect the rich OPEC countries to carry the cost, not the poor one. The data shows it&

[BrownDog5340]

I agree.  The Biden administration is desperate.  Whatever tactics are being used will not be sustainable in the free and open markets.  The ludicrous ESG investing theory and lack of new investment in fossil fuels is coming home to roost.