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.