Veren Inc T.VRN

Ask 10 people why is oil price going up?

[soundandfury]

5 say dont know......4 say dont care......1 says its the new commodity supercycle........lol

[CdnOilObserver]

It is way to early for an oil super-cycle,  Might be some short term hedge speculation and trading. For long term super cycle to much is needed - supply must drop below demand: - signficant reductions in new investments by the majors - signficant slow down in US shale - OPEC+ must continue to work together - developing nations with oil need to slow down, ie Surinam - Covid needs to abate to

[Moemoney42]

[Bpultra]

RECENT CONTRACTS   LAST CHG OPEN HIGH LOW DATE/TIME Crude Oil Mar 2021 $59.73 0.26 $57.94 $59.82 $57.41 Feb 12, 2021 4:59 p.m. Crude Oil WTI (NYM $/bbl) Front Month $59.73 0.26 $57.94 $59.82 $57.41 Feb 12,

[Backinblack1000]

This post has been removed in accordance with Community Policy

[PUNJABI]

There different reasons. North American oil wells have a decline rate of 30 to 50 % in case of shale. Because of the low prices the companies have reduced their capex and oil production of US has dropped. Further OPEC plus has take out 7 million barrels. Excess supply is drying up even with the shut down and few planes flying. China has built new refineries and increased storage capacity. They are

[daniel004]

Glad to see you back Punjabi. Been a while. I think $60 WTI  is roughly the sweet spot. Lower is uneconomical and higher accelerates the rush to green energy. GLTA longs.