Overnight:
- most under-reported number: implied US oil demand has surged -- EIA; not yet seeing the analysis
- pay attention to the chart at this post -- it's more than remarkable;
- 2019, pre-pandemic record: less than 22 million bpd; but the norm was around 20 mbpd
- September, 2021: trending toward 23 million bpd; huge jump started with summer driving, but recent surge is unprecedented (fact-check please)
- incredibly interesting data point, which I will come back to later: OPEC+ crude exports fell 1.1 million bpd in August m/m; link here;
Energy:
- Europe in deep doo-doo: energy prices rising faster than ever expected
- Russia controls natural gas, Nordstreeam 2
- Groningen days are coming to an end;
- US:
- current administration hates fossil fuel
- even as fossil fuel demand is soaring in the US
- OPEC / Russia in control (again)
- Keystone XL killed; this will come back to haunt us; no one will connect the dots;
- Russia becomes second biggest source of imported oil for US
- did we mention: even as fossil fuel demand is soaring in the US
- obvious that wind / solar can't possible meet demand
War is over
- we'll give this one more day, then time to move on
- that's a biggie; it's not Vietnam but it's still a biggie; in some regards it might be bigger than Vietnam:
- US intel community: circular firing squad
Hurricane Ida:
- we'll give this one more day, then time to move on
- a regional story, that's all
Covid-19:
- things are starting to become clear;
- the Dakotas are in panic mode: both governors tell us their hospitals are overwhelmed
- South Dakota's largest hospitals bracing for huge Covid-19 flow;
- North Dakota's governor Doug Burgum pleads;
Investors:
- the bull market continues; maybe more than ever
- NASDAQ up 116 points; Dow and S&P 500 up a bit, not much
- AAPL: hits an intra-day high; still lags the market
- trading
- tax plan in Congress hits obstacle; Heidi Heitkamp leading opposition charge;
- if they can't pass this tax bill, nothing much will pass?
A golden cross in oil futures indicate a 20 to 50 % upside in price.
ReplyDeleteI missed the golden cross. Thank you.
DeleteIt's a fool's errand to predict the price of oil, but I'm seeing the same thing you are seeing: a significant increase in price of oil is predicted by the tea leaves.