Yangarra Resources Ltd T.YGR

Oil Prices

[kavern23]

Today is going to be an interesting oil inventory report.
Oil has been helped by Libya and Middle east tension but one of the most accurate USA gasoline demand forecastors has wild estimate for USA gasoline demand last week....supposed to be down over 10% compared to last year.

2023 was year of non-opec growth taming oil prices and OPEC extra cuts but for 2024 my worry is on gasoline demand in USA, Europe and China. Blunt but other poor countries dont use much gasoline.

Since 2020...USA is still selling 2-3m less auto's a year and what is selling is so much more fuel effiicent than past.

USA gasoline number will be thing to watch in 2024 all year.  

Cause eventually countries will fight back for market share against USA if USA just exports all these energy products.

[cfliesser]

-5.5 crude.  +10.9 gas Seasonally about right

[kavern23]

Nope...it's a very bad one dude....look how oil price reacted... Diesel is up 10m barrels and gasoline up 10m....serious product build.

[cfliesser]

have you looked at historical graphs? Products always rise this time of year significantly. https://www.eia.gov/petroleum/weekly/gasoline.php

[kavern23]

I have and it wont matter for two reasons.  In past years when gasoline inventory rises...USA gasoline is still rockin and lots of gasoline production. But this was not a 5m build...it was 10m and key number was implied gasoline demand is under 8m a day... 7.8 mpbd implied USA gasoline demand is like giving a shorter a cocaine blast. These builds in Jan need to be under 5m....or it will

[pennydredful]

I  drive  a small  fuel efficient  car   at   the  speed limit ( generally  I  am  in  no hurry  to where I am  going)   .  99%    are  passing  me   and  many  are fuel  inefficient   pick   up  trucks   and   SUVs 

[kavern23]

Penny...positive is at least NG should hit over 2 bucks soon and higher near term with some cold finally. I notice Razor geothermal power plant is also closed yikes. 2024 is just going to be fasnicating time.

[kavern23]

This is what is worth a 2 buck plus drop today in oil unless pumpers can pump middle tension...extemley low gasoline production of 8.8 to have such a build.: For the final week of 2023, the EIA estimated a gasoline inventory build of 10.9 million barrels, which compared with a decline of 600,000 barrels for the previous week. Gasoline production averaged 8.8 million barrels daily last week

[margaritaman]

Happens every year. Year end EIA product games.