Saudis, now want to increase production by 500,000 barrels a day. This, apparently, will be announced at the Dec meeting. Yup, how many times have we all seen this oil and gas market manipulation at work? They sure want to bring down prices when they want too. It's no wonder why they say " oil and Gas " is cyclical lol.
Looks like Citigroup, early this year, was right all along when they called WTI to go as low as $70 while JP Morgan was routing $150 I believe! Now, I'm wondering if the NAT GAS market will soften even more as the Ukraine / Russia ordeal will begin to be put on the back burner? I wouldn't be shocked one bit if we start to hear that in early 2023.
Does anyone still see WTI surging above $100 within the next few months lol? Me, nope!!
Now, watch. All of these so called experts will come out and say --- oh, these O&G stocks should never have been priced over $100 WTI. More like $60 -$70 would be more appropriate.
Where's Mr Nuttall now ? Wonder what he has to say with WTI tanking?