Oil Prices

[donmihaihai]

"Very close to the end " doesn't mean a huge boom is next. Hugging the floor or just above the floor for years is also possible.

These kind of articles read just like those written in the mid 2000s but well, excess popped and cycle turned. Without the last supercycle (still remember this word?), the current green cycle might not be as where it is right now. So the current green cycle actually look like the seed for next oil, gas and coal boom but with many outcomes.

Investing in a company who is doing reasonable well at the deep down cycles at a huge discount always sound correct.

[brattzz]

"Investing in a company who is doing reasonable well at the deep down cycles at a huge discount always sound correct." -> very sound advice!

Thank you sir!

[cyclone]

Oil hits highest since October 2018 and pound reaches two-week high

LaToya Harding · Writer
Mon, 11 October 2021, 5:08 pm

The price of oil climbed to new multi-year highs on Monday morning, as global inflationary pressures continued to build. It came as the pound also rose to a two-week high.

Brent crude (BZ=F) jumped as much as 1.7% to $83.78 (£61.40) per barrel, its highest level since October 2018, amid restrained supplies from major producers and the ongoing energy crisis.

US crude also hit a new seven-year high, at $80.70 per barrel for the first time since 2014.

Ipek Ozkardeskaya, senior analyst at Swissquote, said: “The barrel of US crude is now trading above the $80 level and, given the global energy crunch and a cautious OPEC [Organization of the Petroleum Exporting Countries], there is little that could halt the positive trend, other than worsening growth expectations.

Oil prices slumped at the start of the pandemic, and in April last year fell below zero for the first time in history as lockdown wiped out demand while producers continued to pump crude from their wells.

However, demand has been rising in recent months as economies around the world have started to reopen.

Global oil supplies took a hit from hurricanes Ida and Nicholas passing through the Gulf of Mexico and damaging US oil infrastructure.

A dramatic surge in natural gas prices has also made oil a relatively cheaper alternative for power generation, which in turn has increased demand.

More details in https://sg.finance.yahoo.com/news/oil-hi...58550.html

[brattzz]

market trending from O&G to W&G (Wind & Gas), moving towards 2030!

[weijian]

Bashing the Fed seems to be thing that every intellectual (or self declared one) should be doing now - whether is it crashing the economy or having no clue of what tools they should exactly use.

I for one, think that they have their job and mandate and definitely know much more than me. Getting the transitory inflation call wrong doesn't affect the odds of their next decision making at all.

Nonetheless, after close to a decade of low oil prices, somehow I suspect that oil prices go back to the late 2000s-early 2010s and stay high for "some time".

OPEC’s Counterattack…

On Monday morning, the market heard that message loud and clear. The Fed is trapped, oil is going higher, and the Fed is powerless to contain it. Why would the Fed continue trying to blow up the world’s financial markets if oil will not bend to their will??

https://adventuresincapitalism.com/2022/...terattack/

[weijian]

Oil prices are back near pre-Ukraine war levels

The big picture: Six months back, the world seemed at risk of running dangerously short of oil and gas, due to Russia's attack on Ukraine. Now, oil prices are back to pre-war levels and prices at the pump are falling.

In June, U.S. gasoline prices topped $5 a gallon for the first time. Now they're a bit higher than $3.50.
Benchmark U.S. crude oil — the West Texas Intermediate futures contract price — was more than $120 a barrel that month, prompting a series of releases from the U.S. Strategic Petroleum Reserve. Now they're almost 40% less, touching sub-$74 levels on Monday before rebounding slightly.

In Europe, prices for natural gas — which Russia largely supplied — soared to records in August, as nations rushed to stockpile gas supplies for winter. They're down 60% since then.

https://www.axios.com/2022/11/29/oil-pri...war-levels

[weijian]

Since Venezuela has one of the world's biggest oil reserves, the seizing of President Maduro and Trump's talk of "taking over its oil industry" is probably going to be a significant factor towards the supply/demand of crude. But it seems that Venezuela's crude may not be as welcomed in the years ahead.

Commentary: Venezuela’s key customer China no longer needs it

“In terms of other countries that want oil, we’re in the oil business, we’re gonna sell it to them,” Trump said in a Jan 3 press conference. “We're not gonna say we're not gonna give it to them. In other words, we'll be selling oil, probably in much larger doses.”

That will be easier said than done. China, the biggest contributor to oil demand growth in recent decades and the key customer for Venezuelan crude, is needing smaller doses as consumption shrinks. Any plans to make money from rebuilding Venezuela’s status as a major oil exporter will have to reckon with the fact that the biggest importer is pulling back from the market.

They’ve been the most important consumers of Venezuelan crude for years. Until about 2021, they were eager buyers of the country’s thick, viscous product – unattractive to many refiners, because it’s hard to process – due to its suitability for producing asphalt for road surfaces and roofing. Shandong’s refineries churn out about 40 per cent of the total, a good trade when China’s real estate boom was at its height.

When the property bubble burst in 2021, that trade slumped to barely more than half of where it was at its 2020 peak – but the teapot refiners found a new angle. By buying sanctioned oil from Venezuela, Iran and Russia at steep discounts to normal prices, they’ve managed to continue eking out the thinnest of margins.

Unlike the US refineries on the coast of Louisiana and Texas best suited to processing Venezuelan crude, which have been operating at close to 100 per cent capacity in recent months, the teapots have been running below 50 per cent for most of the past year. India is likely the only other place with the ability and space to process more heavy crude.

https://www.channelnewsasia.com/commenta...nd-5836291

[Behappyalways]

Oil in order to be consumed have to be delivered

Tanker rates just hit a new all time high: shipping now adds over $40 to the price of a barrel
https://x.com/zerohedge/status/2107938007189782900

[¯|_(ツ)_/¯]

[email protected]

There are no lack of "news" on oil.

A lot of them were shortages and equally on oil production countries (including USA) releasing stock piles.

Both NZ and Australia PM flew into Singapore to make sure oil (ticket) are valid and they will get their share of oil.

For $1m, now you know, what are you going to do?

Gratitude ❤️