So last week, US SPR injected 8.4 million barrels into the crude oil market. And commercial crude stocks built by just 2.4 million barrels. Now imagine an scenario in which the SPR stops selling and turns to buying | #OOTT
OIL- INTERVENTION CORRELATION ....... the fact of the matter is the idiocy of these oil interventions and the risk/danger to the market have a correlation of 1, buckle up! #OOTT
OIL - WOKE! ...... feels like today a lot of traders woke to the realization that demand destruction will be a key fundamental factor going forward, that's not a bull/bear call just that it needs to be on your risk radar #OOTT#tradevsdarts
Worth noting that oil was heading into summer super-cycle towards $125/bbl on its own merits, geopolitics just put a bulletproof granite floor on it. Anticipated SA OSP hike into +$10 alone now will push Brent above 125 #oott
The short version is that oil prices reflect supply and demand. Economic demand is weakening as liquidity reverses, and surging oil prices divert disposable incomes from other consumption needs.
Spikes in #oil prices lead to slower #economic growth.
https://t.co/gn19ROElFp
✅1970s: Iran was the most important #OPEC member and a major influence in global energy markets.
❌2022: Russia negotiates with the US on how the Iranian oil be back in global markets, exactly when and by how much!
Such a progress…such a brilliant switch in picking allies!
#BREAKING | UK Foreign Minister must apologise for spreading fakes about imminent Ukraine 'invasion', Russian Foreign Ministry says
#SputnikBreaking
https://t.co/pQgTDuCb0n
@GOPLeader No! #Russia, #OPEC, and #OPEC+ to holding back on increasing #CrudeOil production! #Putin listened! Now fear of invasion of #Ukraine keeps production low! Russia wins in profits! Once #crude prices hits $150.00! No more fear of invasion!