Post by
sebastian2 on Sep 25, 2024 12:10am
Inventories down, conflict, supply disruption, China stimulu
We have inventories way down for the week, China stimulus, Middle East conflict escalating out of control, supply disruptions due to weather. On top of that sentiment may be turning because AI energy demand will strain the system and knowck out any dreams of replacing fossil fuels. It now looks like "renewables" will just barely add to the mix. Goldman Sachs expects Brent crude oil prices to see some upside in the fourth quarter. Then we get the expeced lower interest rates going forward. The oil shorts may be caought in a perfect storm....
https://oilprice.com/Latest-Energy-News/World-News/Bank-of-America-Thinks-Oil-Bears-Are-Walking-Into-a-Trap.html
and
https://oilprice.com/Latest-Energy-News/World-News/Goldman-Sees-Upside-for-Oil-Prices-Amid-Supply-Concerns.html
What's not to like :)
Comment by
mbuch on Sep 25, 2024 8:52am
Yes, all this bullish news out this AM and WTI is down 2% early morning. Ha Ha Manipulation at it's finest! Let's wait for the end of the day.
Comment by
Moemoney42 on Sep 25, 2024 9:29am
Yup traders doing their best efforts at keeping crude in a range.. At some point the physical market will dictate price action IMO.. And I think when that happens we'll run to just under $80 USD quickly.. ??