Osama
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Here is what traders ware thinking: " Glencore, Trafigura, Mercuria, and the oil trading unit of France’s Total have rented a total of nearly 15 million barrels of oil storage tanks from Korea National Oil Corporation (KNOC), the sources told Reuters. KNOC currently has nine stockpiling bases with a capacity of 136 million barrels, plus another 10 million barrels of underground storage under construction, according to the state-held South Korean company". Link: https://oilprice.com/Energy/Energy-General/Why-Oil-Traders-Are-Stockpiling-Crude.html But I don't think we will see prices rising too high - unless or until there is a geopolitical shock--- sans one, I see prices range bound. Rather we shall see how trade war restarts later this year!
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Indeed! Trump is quite whimsical and believe me they can become "keen to repeat" whatever they did in the past two years. (Thank you for the correction, I always mess this up)
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Yes! Exactly! My point Mr. Buckland!
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See, I might not be as experienced as you. But what I am saying is that as the virus is indirectly going to effect one of the key point of the Phase One deal... We might see trade tensions resurfacing.. And therefore a downward pressure on oil prices.
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Yes it is! The promises are unrealistic!
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But then the same reason would render the agreement void.... Gradually
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Agree with your last sentence... We can only surmise! Take an educated guess... We can't be certain... But that should not stop us from "guesstimating".
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Dear Oilprice community,
I have been away and that too for a very long time. It was partially some personal reasons and partially due to the fact that I had too much to cater to. But I am trying to manage.
Glad to be back and would love to hear back from you all!
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Hello Everyone! Yes... It has been a while. I hope you still remember me. I wrote this recently and would love to have a discussion - like old times! "While the reaction to Coronavirus might be subject to sensationalism and this precipitous fall in prices may be temporary; the overall sentiment vis a vis oil prices has shifted towards very bearish territory. Even if everything returns back to normal it will take few months for the markets to recuperate. With oil demand being hit hard; the likelihood of China fulfilling its commitment to the Phase One trade deal with the U.S. is very low. With that in mind, it seems likely that bears will rule oil markets for the rest of 2020." Link: https://www.google.com/amp/s/oilprice.com/Energy/Oil-Prices/Bearish-Sentiment-Will-Dominate-Oil-Markets-Through-2020.amp.html Osama
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Oil-Prices will now drop to lower 50s. I was short from 58!but very less quantity
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Once again prices are stuck...congestion. Where do we see them going from here?
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But there has been some escalation recently.
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And now we are headed to 55?or even lower? Much will depend also on an expected meeting with Iran.
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What might be the reason for oil to go high
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Oil prices took a nosedive... On hints that Iranian issue might get resolved. I was out before the main plunge but the loss occurred was bearable. Now what? Do we go further down?
