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JP Morgan warns that oil prices could go up to $380 a barrel
Posted on 7/2/22 at 12:52 pm
Posted on 7/2/22 at 12:52 pm
Bloomberg
And for reference, we are currently on $111 a barrel. Great job Biden.
quote:
Global oil prices could reach a “stratospheric” $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts, JPMorgan Chase & Co. analysts warned.
The Group of Seven nations are hammering out a complicated mechanism to cap the price fetched by Russian oil in a bid to tighten the screws on Vladimir Putin’s war machine in Ukraine. But given Moscow’s robust fiscal position, the nation can afford to slash daily crude production by 5 million barrels without excessively damaging the economy, JPMorgan analysts including Natasha Kaneva wrote in a note to clients.
For much of the rest of the world, however, the results could be disastrous. A 3 million-barrel cut to daily supplies would push benchmark London crude prices to $190, while the worst-case scenario of 5 million could mean “stratospheric” $380 crude, the analysts wrote.
“The most obvious and likely risk with a price cap is that Russia might choose not to participate and instead retaliate by reducing exports,” the analysts wrote. “It is likely that the government could retaliate by cutting output as a way to inflict pain on the West. The tightness of the global oil market is on Russia’s side.”
And for reference, we are currently on $111 a barrel. Great job Biden.
Posted on 7/2/22 at 12:54 pm to OMLandshark
We have terrorists running our country
Posted on 7/2/22 at 12:54 pm to OMLandshark
I wonder what the crack spread would be for $380. Holy shite
Posted on 7/2/22 at 12:59 pm to OMLandshark
I would be shocked if it ever hits $150
Posted on 7/2/22 at 12:59 pm to OMLandshark
J.P. Morgan must have some oil company stocks that he wants to sell…
This post was edited on 7/2/22 at 1:24 pm
Posted on 7/2/22 at 1:01 pm to OMLandshark
quote:
The Group of Seven nations are hammering out a complicated mechanism to cap the price fetched by Russian oil
And just how do they plan to do this?
Posted on 7/2/22 at 1:04 pm to notiger1997
quote:
I would be shocked if it ever hits $150
Well it already has (08, 11) so show us your shocked face.
Posted on 7/2/22 at 1:05 pm to OMLandshark
We must all be ready to do our part
Posted on 7/2/22 at 1:08 pm to OMLandshark
Necessary for the liberal world order.
Posted on 7/2/22 at 1:11 pm to OMLandshark
The Houston economy is loving this
Posted on 7/2/22 at 1:14 pm to OMLandshark
“Tree fiddy” was sitting right there JPMorgan and you fricking blew it
Posted on 7/2/22 at 1:19 pm to OMLandshark
quote:
JPMorgan Chase & Co. analysts warned.
Yeah, they're so nice to warn us all. Freaking crooks. Don't buy the hype, Fellas.
Posted on 7/2/22 at 1:21 pm to Adam Banks
quote:
We must all be ready to do our part
Yeah, because if you aren’t for giving Raytheon, Boeing, corrupt Ukrainian oligarchs, and Nazi battalions tens of billions of dollars of cash and weaponry, you’re a Putin supporter.
Posted on 7/2/22 at 1:28 pm to OMLandshark
how much extra deposits can we tap in the US and Canada? (When I was in engineering school 20-30 years ago, they were forecasting peak oil around the 2030s, but I know since shale blew up and more deposits were found that's no longer a good estimate.) I ask because it seems like the best way to frick Putin over and add some cushion to the price oil is to drill a shite ton of it here.
Posted on 7/2/22 at 1:33 pm to Play_Neck
quote:
how much extra deposits can we tap in the US and Canada? (When I was in engineering school 20-30 years ago, they were forecasting peak oil around the 2030s, but I know since shale blew up and more deposits were found that's no longer a good estimate.) I ask because it seems like the best way to frick Putin over and add some cushion to the price oil is to drill a shite ton of it here.
You don't understand. We won't produce more oil/gas here because the dems want you to drive an electric car/truck/lawn mower.
Posted on 7/2/22 at 1:54 pm to Play_Neck
There is plenty of oil, the problem is between ESG bs and getting access to it. If Biden follows through and doesn't allow anymore lease sales it will bring the GOM industry to a stand still, soon.
Most companies are already low on prospects inventory.
Most companies are already low on prospects inventory.
This post was edited on 7/2/22 at 4:06 pm
Posted on 7/2/22 at 1:59 pm to GREENHEAD22
Y'all wanna know some of the reasons for high prices too?
Google the EPA RINS program. It's a "tax" on O&G, a huge billion dollar one. Guess who gets that passed to?
Google the EPA RINS program. It's a "tax" on O&G, a huge billion dollar one. Guess who gets that passed to?
Posted on 7/2/22 at 2:02 pm to OMLandshark
Instead of tightening the screws on Putin he should loosen the regulatory screws on domestic production and refinement. It’s a simple solution but doesn’t fit their agenda.
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