Tom Kirkman + 8,860 September 20, 2018 I've commented repeated lately that oil prices seem to have a psychological ceiling of $80 this year. Every time oil starts getting close to $80 or so, it drops back down again. So meanwhile, right on cue, Trump has just pulled out his Twitter sledgehammer again and I presume by tomorrow, oil prices will start dropping again. Will wait and see. Trump: "The OPEC Monopoly Must Get Prices Down Now!" Less than three months after Trump's latest tweet slamming OPEC, in which he warned the petroleum cartel that "the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!"... ... Trump was at it again and on Thursday morning, the president lashed out at OPEC, saying that the US protects the countries of the Middle East, and warning these nations that "they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember." His message: "The OPEC monopoly must get prices down now!" 3 3 Quote Share this post Link to post Share on other sites
Rodent + 1,424 September 20, 2018 1 hour ago, Tom Kirkman said: Trump was at it again and on Thursday morning, the president lashed out at OPEC, saying that the US protects the countries of the Middle East, and warning these nations that "they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember." "we will remember" seems ominous, and eerily similar to "we remember". Interesting word choice. As much as I find manipulating (or trying to manipulate) oil prices on Twitter despicable on ethical grounds from the captain of a capitalist society that promotes a free market, I have to say that it's somewhat satisfying to see OPEC bested at their own game. Maybe OPEC doesn't use Twitter in the same way, but they certainly use media through "leaks" and whatnot to move prices up or down as they see fit. Booya, OPEC! 3 Quote Share this post Link to post Share on other sites
Osama + 248 September 20, 2018 1 hour ago, Tom Kirkman said: I've commented repeated lately that oil prices seem to have a psychological ceiling of $80 this year. Every time oil starts getting close to $80 or so, it drops back down again. So meanwhile, right on cue, Trump has just pulled out his Twitter sledgehammer again and I presume by tomorrow, oil prices will start dropping again. Will wait and see. Trump: "The OPEC Monopoly Must Get Prices Down Now!" Less than three months after Trump's latest tweet slamming OPEC, in which he warned the petroleum cartel that "the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!"... ... Trump was at it again and on Thursday morning, the president lashed out at OPEC, saying that the US protects the countries of the Middle East, and warning these nations that "they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember." His message: "The OPEC monopoly must get prices down now!" So...as we were discussing...it happened! 4 Quote Share this post Link to post Share on other sites
Dan Warnick + 6,100 September 20, 2018 A little target practice going on in MANAMA, Bahrain Quote Share this post Link to post Share on other sites
Rodent + 1,424 September 20, 2018 Trump's tweet will now face this headwind: "Libya's NOC warns of shutdown to Wafa oil, gas field after airport closure" https://www.spglobal.com/platts/en/market-insights/latest-news/oil/092018-libyas-noc-warns-of-shutdown-to-wafa-oil-gas-field-after-airport-closure Quote Share this post Link to post Share on other sites
Tom Kirkman + 8,860 September 20, 2018 7 hours ago, Rodent said: As much as I find manipulating (or trying to manipulate) oil prices on Twitter despicable on ethical grounds from the captain of a capitalist society that promotes a free market, I have to say that it's somewhat satisfying to see OPEC bested at their own game. Maybe OPEC doesn't use Twitter in the same way, but they certainly use media through "leaks" and whatnot to move prices up or down as they see fit. OPEC generally tries to artificially manipulate oil prices higher, for the benefit of their oil producing counties. Press releases are used, as well as news "leaks", to move oil prices. Trump is trying counter OPEC artificially inflating oil prices by publicly calling out OPEC's manipulations. I daresay Trump may actually be better at the oil price manipulation game than OPEC. 2 2 Quote Share this post Link to post Share on other sites
Keven Tan + 85 September 20, 2018 I totally agree with you Tom, I don’t see any tangible reason why Oil would go a higher spot anymore unless your quoted “black swarm”. Even though it does go higher beyond $80 (WTI), it shall not happen until few uncertainties being cleared out such mid-term election, dollar interest and Iran sanctions, etc.. I am expecting to see a more sustained WTI price from $60-$65, hope it would come true. 1 2 Quote Share this post Link to post Share on other sites
Tom Kirkman + 8,860 September 21, 2018 6 hours ago, Keven Tan said: Even though it does go higher beyond $80 (WTI), it shall not happen until few uncertainties being cleared out such mid-term election, dollar interest and Iran sanctions, etc.. The U.S sanctions against Iranian oil on 4th November and then U.S. mid term elections on 6th November will probably be key dates for oil prices, as traders chug pots of coffee and get all jittery and spaz out completely. https://goo.gl/images/ZMA1Ze But things should settle down again shortly after those factors come and go and then play out. Quote Share this post Link to post Share on other sites
Keven Tan + 85 September 21, 2018 Totally, I hope that god would gives me a chance to break out. 😂😂😂 Quote Share this post Link to post Share on other sites
Osama + 248 September 21, 2018 This is getting serious: Iran Starts Air Force Drills Near The World’s Crucial Oil Chokepoint https://oilprice.com/Energy/Energy-General/Iran-Starts-Air-Force-Drills-Near-The-Worlds-Crucial-Oil-Chokepoint.html Quote Share this post Link to post Share on other sites
Osama + 248 September 21, 2018 From another article: "The exercise is part of annual manifestations on the anniversary of the start of the eight-year war Iraqi dictator Saddam Hussein launched against Iran in 1980. But it also comes after Tehran's recent warnings that it would shut down the Strait of Hormuz if it's blocked from exporting its crude because of U.S. pressure and renewed sanctions on Iran." Link: https://www.google.com/amp/s/www.haaretz.com/amp/middle-east-news/iran/.premium-iran-s-air-force-carries-out-drill-near-strategic-strait-of-hormuz-1.6492752 Comment: So it seems that timing is the key here...traders are playing on fears. Quote Share this post Link to post Share on other sites
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