WTI crude oil price over the past month.
Posted on 06/17/2015 10:58:45 AM PDT by bananaman22
The oil markets could be about to enter another round of soft prices.
The OPEC decision on June 5 to leave its collective target unchanged was widely expected. As a result, oil prices barely flinched. But there are other reasons to think that oil prices could see a bit of a downturn in the coming weeks.
First, OPEC revealed in its latest monthly oil report that it is still producing well above its stated 30 million barrel per day target. Saudi Arabia’s output inched up another 25,000 barrels per day in May from the month before in a further sign that OPEC’s most important member intends to maintain a hard grip on its market share. OPEC is producing at least 1 million barrels per day (mb/d) more than its official target.
But another reason why oil prices could be in for a modest downswing is that other OPEC members are also stepping up.
(Excerpt) Read more at oilprice.com ...
Frankly, you would be hard pressed to convince me that the price of oil is totally manipulated and not at all tied to the free market.
The minute prices decline too much, suddenly the inventory report shows up as having less in stock than was projected. Similarly, prices to high? Report conveniently timed to show that the crude stocks are higher than “estimated”.
The oil market is a scam and is totally rigged.
Donald Trumps tells BOR that his foreign policy would be not only removal of ISIS from Syria/Iraq but also seize their oil and let Exxon-Shell etc. run production. This to remove the asset from ISIS. He is correct. Iraq has failed as a nation, they lost the will to protect it, they don’t deserve the oil and neither does ISIS.
Bottom line, more pressure on oil prices, downward.
Speculators did their damnest to keep oil over $100/bbl. The bubble finally burst late last year. They’ve tried to reinflate the bubble, but can’t get it to stay above $60/bbl. Anyone who is an oil speculator should be forced to actually take delivery of the black, gooey stuff. Then we’ll see how long speculation lasts.
BUT...But...but oil was going to completely both save and transform the economy, I guess not so much now??
You do realize that is exactly what they must do -- if they don't re-sell the contract at its market price before the delivery date?
Am I reading you wrong or are your first sentence and last sentence opposite from each other?
Frankly, you would be hard pressed to convince me that the price of oil isn't totally manipulated and not at all tied to the free market.
I knew what you meant...
8^)
Right now oil demand is still humming along. If it stop humming that is not a good sign for the world economy as a whole.
that would fill 20 VLCC carriers.
Iran's national tanker fleet can only carry 11 million barrels.
Not sure if this math works or not.
Not saying that oil demand is a economic indicator, but what was trouted was that the oil boom would do just what I posted:
oil was going to completely both save and transform the economy
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