Post by
Dadsaid2 on Oct 02, 2024 4:10pm
Moving forward $16 +
I was tempted to sell a bit this morning when it hit $15.90 + but held off. Why?
There is a lot of turmoil in the world oil market. Isreal is going to bomb the hell out of Iran. But the targets are the big issue. There is talk about oil assets, nuclear production on top of Irans war items.
Biden commented no nuclear please and he doesnt want a higher oil market going into the election so l assume he will request no to oil targets as well. Problem is Isreal isnt listening to the USA anymore so l think there is a chance they may hit some oil production. If so oil could spike $ 5-10.
Of note l saw an oil analist talking increased world production in Q4 and into 2025. He was thinking +500 million barrels per day by next summer. If true, l will be watching energy stocks carefully. Comments welcome...GLTA
Comment by
houbahop on Oct 02, 2024 4:57pm
500 million barrels per day is a lot of oil. ;)
Comment by
Dadsaid2 on Oct 02, 2024 5:14pm
Correction... 5 million per day. My bad. This analyist, Vikas Dwivedi, was on BNNs Trading Day show that aired at 1pm est. Sorry about the extra zeros. If you can find the show its is interesting and he is on in the first 5 minutes.