Jim Cramer's chartist: crude oil has peaked this week. Currently, WTI trading at $79.70, about a dollar lower than yesterday.
Global crude oil supplies, OECD:
- down by almost 20 million bbls month/month
- inventory at 2.88 billion bbls
- 363 million bbls lower than same time one year ago
- 183 million bbls lower than latest five-year average
EIA short-term energy outlook, link here:
- globally, 98.4 million bopd consumed in August, 2021
- = 4.0 million bopd less than August, 2019 (good comparison, finally)
- forecast:
- petroleum / liquid fuels will average 97.4 million bopd for all of 2021;
- = 5.0 million bopd increase from 2020
- and, by an additional 3.6 million bopd in 2022 to average 101.0 million bopd, almost even with 2019 levels
China coal, from a Chinese state planner --
- "We will compel closed coal mines in Shanxi, Shaanxi, and Inner Mongolia to repair and restart operations as quickly as possible.
Russian gas, from Putin --
- "We will deliver all the natural gas Europe needs."
- So far? Lowest since September, 2016.
AAPL: drops below $140-support level.
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Flathead Lake, Montana
