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Is oil getting over sold?
Posted on 9/23/22 at 9:10 am
Posted on 9/23/22 at 9:10 am
With China coming out of lockdown and Biden running out of SPR releases I have to think we will see some of a run back up. Add to that Opec has been below quota and likely to further reduce as well as Russia lowering exports.
3
Posted on 9/23/22 at 9:15 am to GREENHEAD22
Who knows! Many factors at plays
Nuclear deal with Iran, Venezuela oil, cap on Russian oil price.
If I only can predict how things will turn out
Nuclear deal with Iran, Venezuela oil, cap on Russian oil price.
If I only can predict how things will turn out
Posted on 9/23/22 at 9:17 am to Northwestern tiger
Unless China has been over there doing double time Venezuela doesn't have the infrastructure anymore to produce at meaningful levels.
Russia is already selling oil at steep discounts.
Russia is already selling oil at steep discounts.
Posted on 9/23/22 at 9:38 am to GREENHEAD22
yes
Posted on 9/23/22 at 9:43 am to minister of truth
Yes very over sold but I think we go lower until elections. Planning to buy after that
Posted on 9/23/22 at 9:48 am to GREENHEAD22
Didn't the WH say they will begin refilling the SPR around $80/barrel? If they're buying, should at least cause a price floor, right?
Posted on 9/23/22 at 1:33 pm to jimjackandjose
quote:
Yes very over sold but I think we go lower until elections. Planning to buy after that
Solid plan. Once the SPR draining stops, prices are going to reverse. 1Mbl/day is a lot to lose when you're just barely meeting demand.
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