Updates
Later, 9:37 p.m. CT:
Original Post
Correct me if I'm wrong, but wasn't WTI at $105 when President Biden announced the biggest ever SPR release -- releasing in six months what it took 38 years to build and maintain? But correct me I'm wrong, wasn't WTI at $105 when President Biden made that announcement on the advice of his SecEnergy, a former beauty pageant champion? I could be wrong, but it seems it was $105.
Now, we posted this chart yesterday but it's been updated. US shale operators must be salivating. High crude oil prices for as long as the eye can see, again, thanks to President Biden upon advice from his SecEnergy, the former beauty queen pageant champion.
But look at that, up $4.00 / bbl just a few months from now. In October / November, 2022, when folks are voting, WTI up over $3.00 / bbl.
Futures:
I mean, these numbers simply blow me away. For consumers? High prices at the pump for as long as the eye can see.
With numbers like these, Saudi Arabia doesn't even have to react to the Biden Surge. The market is doing that for them.
The only good news: at least "we" have energy -- more than can be said for the French. More on that later.
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In Reply
See first comment. The comment section won't load links, so I brought the comment up here. This should give readers something to do today.
Oil prices rose in pre-inventory trading early Wednesday after preliminary data from the American Petroleum Institute indicated US oil stockpiles decreased by a larger-than-expected margin while the US dollar fell to a 13 day low, and then extended their rally after the EIA reported US crude stockpiles fell by a bigger-than-expected 3.4 million barrels, cutting available inventories to their lowest since September 2018, and finished trading $3.58 higher at $107.82 per barrel...
... but oil prices fell more than $5 early Thursday following reports that the Biden administration was considering the release of up to 180 million barrels of crude oil from the Strategic Petroleum Reserve over the next six months to try to lower oil prices and settled down $7.54, or 7%, at $100.28 a barrel, after touching a low of $99.66 a barrel after Biden announced the largest ever release from the Strategic Petroleum Reserve and called on oil companies to increase drilling to boost supply...
... oil prices moved lower again on Friday as the member nations behind the International Energy Agency (IEA) agreed to join in the largest-ever strategic oil reserves release, and settled $1.01 or 1% lower at $99.27 a barrel, after global manufacturers reported slower growth and far more pessimistic expectations for factory activity in March than at any other time this year.
quoting relevant details from the usual place:
ReplyDeleteoil prices rose in pre-inventory trading early Wednesday after preliminary data from the American Petroleum Institute indicated US oil stockpiles decreased by a larger-than-expected margin while the US dollar fell to a 13 day low, and then extended their rally after the EIA reported US crude stockpiles fell by a bigger-than-expected 3.4 million barrels, cutting available inventories to their lowest since September 2018, and finished trading $3.58 higher at $107.82 per barrel...but oil prices fell more than $5 early Thursday following reports that the Biden administration was considering the release of up to 180 million barrels of crude oil from the Strategic Petroleum Reserve over the next six months to try to lower oil prices and settled down $7.54, or 7%, at $100.28 a barrel, after touching a low of $99.66 a barrel after Biden announced the largest ever release from the Strategic Petroleum Reserve and called on oil companies to increase drilling to boost supply...oil prices moved lower again on Friday as the member nations behind the International Energy Agency (IEA) agreed to join in the largest-ever strategic oil reserves release, and settled $1.01 or 1% lower at $99.27 a barrel, after global manufacturers reported slower growth and far more pessimistic expectations for factory activity in March than at any other time this year
the links will give you more details..