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Monday, June 26, 2023

This Is Pathetic -- On A Good Day For Oil -- Oh, Never Mind -- It's Worse Than I Thought -- And I'm An Optimist -- LOL -- June 26, 2023

Locator: 45065WTI. 

The Energy Institute Statistical Review of World Energy, 2022, has just been released.

So, after all this data was released,

  • solar and wind ddn’t dent fossil fuels,
  • global economy is ready to surge post-Covid
  • Saudi Arabia cuts production
  • Russia almost stages a coup
  • and .... and .... and ... and ..

What did WTI do today?

  • can't break $70
  • surges ... by 19 cents -- disregard -- that was pre-market ---
  • up ... by 0.27% -- disregard -- that was pre-market ---

Now that the market has opened,

  • didn't break $70
  • drops half-a-percent
  • trading below $69
  • looks like WTI will close slightly up but below $70
  • and this is on a "good news" day for oil.

And the lead story over at Oilprice.com: Saudi Arabia could slash oil supply to the US.

OMG.

Seriously.

That's the headline. That's the top story. Slash. Pretty scary word.

OMG.

On that news, WTI drops half-a-percent. And the huge July 4th this weekend -- and a long weekend -- five days -- people will start leaving Friday -- Monday is the "who cares -- tomorrow is the holiday -- I will just call in sick" day -- five days ... 

Does anyone pay attention to data any more?

Saudi Arabia oil to US -- historical -- link here


Remember, Saudi has a huge refinery in the US -- unless they want to buy Permian oil for that refinery, they can't "slash" much.

I guess it depends on the definition of "slash."

Oh, here we go ... WTI is starting to move ... up 15 cents .... trading at $69.31.

Good luck to all. I'm going biking.

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