How High Can Oil Prices Rise? (Part 2 of my previous thread)

[Kaiser Soze + 14]

40 minutes ago, ATK said:

The thing is this is the bulls, rallying call, if there was no Iranian sanctions, oil wouldn't have even come close to what it is at right now. They can invest right now if they want, but when those sanctions go away, going to be hard to keep the bullish narrative going

Yes of course the media picks up on the most catchy narrative.

But on the fundamental side, you will notice that oil production has really been slow. Most importantly, many O&G sector stocks remain battered - many investors still think these are bad choices to have in their portfolios!

Until the outlook brightens, I don't see oil prices going down anytime soon.

[oilfutures + 39]

Seems mostly the Oil services stocks are the ones taken hard (e.g. HAL).  Your COPs, MUR, BP, etc.. love this move. 

[Osama + 248]

1 hour ago, CLH8712 said:

After 25 years in the refining and marketing industry, responsible for price forecasts of oil, nat gas and refined products  for over 10, I know why the prices are going up.

(100% sarcastic comment! ! ! !) Well everyone knows there is undisputed, irrefutable evidence from multiple sources that proves it is the "evil oil companies" who are responsible for this nefarious increase in prices.  But somehow, these same companies allowed WTI to fall below $40 a couple years back, thus bankrupting several of their own.  Supply and Demand have nothing to do with it!

I always thought so.

[ATK + 355]

Throwing all my money into USO calls for the end of October, literally this thing is a train and nothing can stop it 

[oilfutures + 39]

2 minutes ago, ATK said:

Throwing all my money into USO calls for the end of October, literally this thing is a train and nothing can stop it 

I am going to wait until Wednesday to see how price reacts, seems like it needs a reason cool off if it needs another run up. 

[Fran Bertrand + 3]

i think oil is on a tear moving upward towards $100 by christmas or sooner then $100+ in 2019

along with $3+ nation average also diesel $3.50-$3.75 range with spot $4+ around the country

and the worse is yet to come in 2019 i am predicting... 

[Keven Tan + 85]

37 minutes ago, ATK said:

Noticed that too, this is speculation running wild like jesus Christ 3% in 1 day!?

And literally on zero news

I literally said same thing in StockTwits. 

This is getting a bit too ridiculous and lame. 

I am wondering how “funny” that Trump had phone call with Saudi Prince regarding oil price. Seriously, Trump shall just give up and don’t say anything anymore. 

LMAO 

 

[ATK + 355]

https://www.google.com/amp/s/seekingalpha.com/amp/article/4209209-weekly-energy-recap-strong-demand-keeps-oil-prices-rising

This article says it well " there is an argument that markets cannot be tight and well supplied at the same time". This is my entire thing about this rally we have a "tight" oil market that is well supplied according to OPEC, it sounds crazy just saying it out loud. I'd also like to add, that with the NAFTA deal going through, that means that sweet sweet (and cheap) Canadian heavy crude can start flowing back to America now

[ATK + 355]

6 minutes ago, Keven Tan said:

I literally said same thing in StockTwits. 

This is getting a bit too ridiculous and lame. 

I am wondering how “funny” that Trump had phone call with Saudi Prince regarding oil price. Seriously, Trump shall just give up and don’t say anything anymore. 

LMAO 

 

OMG I know, trump is a little bitch now to the oil world, his comments would be lucky to knock 10 cents of oil prices now hahaha

[sen + 11]

Quote

In 2017, the world achieved a new oil production record of 92.6 million barrels per day (BPD), which is the 8th straight year global oil production has increased. 

Can't last forever, price of oil depends on how quickly people shift to electric cars, it's not going to happen before 2019, my guess is that we'll see $100 brent before the end of the year!

[Robert Ziegler + 121]

2 hours ago, sen said:

Can't last forever, price of oil depends on how quickly people shift to electric cars, it's not going to happen before 2019, my guess is that we'll see $100 brent before the end of the year!

Even at $250/bbl, it is more economic to drive a gas powered car.

[ATK + 355]

https://www.bing.com/amp/s/mobile.reuters.com/article/amp/idUSKCN1MC058

Expected build this week, I'm actually surprised because this oil market is just SOOOOOO tight right now! Clearly refiners are in a panic looking to get their orders filled!. The article goes on to talk about how a MASSIVE 100,000 bpd were taken out of the market by Iran in septemeber while OPEC was only able to supply a measly extra 90,000 bpd , pretty pathetic to say the least. I'm betting of their is a build we will probably see a 0.30 cent drop with WTI, because as analyst have pointed out, it's not about the market being in short supply NOW, but LATER

 

Remember, we are in a tight oil market where demand is being fully met. People worried about being well supplied while being well supplied.

"Like I don't want the oil now, but like I could want that oil like later you know bro?"

Edited October 2, 2018 by ATK

[ceo_energemsier + 1,818]

Oil prices rose last week to more than $80 per barrel for the first time since November 2014. Rather than rising on the back of strong demand growth and a positive outlook for the global economy, the recent move in prices has been catalysed by growing market anxiety over supply.

In a reversal of the glut the market endured from 2015 to 2017, there is a real risk we could enter 2019 with not enough oil to go around, setting the stage for oil prices to remain high for some time.

The most immediate source of a supply risk is Iran. US sanctions that directly target Iran’s oil exports will come into effect in early November and estimates of how much oil could be taken off the markets vary from 750,000 barrels per day to as much as 1.5 million barrels per day.

Regardless of the scale of the decline, a sizeable drop from a significant oil exporter will tighten markets in the final months of 2018 and importers will need to scramble to find replacement barrels.

The spectre of sanctions has already led importers to move away from taking cargoes from Iran and recent market surveys point to a drop in Iranian exports of more than 400,000 barrels per day in August alone. The degree of compliance by major importers of Iranian crude already appears to be high, with South Korea, the European Union and India cutting back their purchases sharply in recent months.

The Trump White House is showing no signs of easing the economic pressure on Iran and has so far been reticent to offer waivers on sanctions to importers. Considering the hostile rhetoric traded between the presidents of both the US and Iran at the UN this month, geopolitical risks will continue to exert an upward pull on oil.

While not relaxing the pressure on Iran, President Trump has publicly criticised Opec members several times for not raising production to dampen current prices, including declaring that Opec was “ripping the world off” in front of the UN General Assembly.

Opec members did agree to raise production at their June meeting to compensate for deteriorating production in Venezuela and to put an end to the ‘over-compliance’ with their 2017 production cut agreement with other countries, notably Russia.

But so far the increase has not been large enough to cap prices and Opec countries will be wary of increasing output too much and risk pushing the market back into surplus. Within Opec there are only a few countries that have the capacity to meaningfully raise production, most prominently Saudi Arabia, which has historically claimed an ability to raise production to 12 million barrels per day compared with current levels of around 10.4 million barrels per day. Saudi Arabia has not tested sustained production at that level, however, and there is likely to be a mismatch in terms of the quality of oil it holds in reserve compared with what is actually needed in the market.

While an increase in production now could help to limit the gains in prices it could end up causing more problems further down the road. Opec’s production is currently at around 90 per cent of its total capacity, leaving it little room to adjust production upward to compensate for more unanticipated supply outages or rapid increases in demand.

But it’s not just in Opec where supply risks are exerting upward pressure on prices. In the US the rapid pace of supply growth from shale oil producers is butting up against infrastructure constraints, and Canada is also facing similar takeaway capacity issues.

High oil prices will be welcome news for the GCC’s oil and gas producers as they help shore up fiscal and external balances. But for importers oil prices around $80 per barrel are only another economic headwind to overcome in the midst of rising trade tensions and deteriorating financial conditions in several large emerging markets. One way for oil prices to fall, albeit a gloomier one, would be if disruptions to global trade sank overall commodity demand.

After several years awash in a ‘glut’ of oil, markets need to be prepared to adjust to a sustained period of tightness and endure higher prices. While expectations of oil as high as $100 per barrel are more exclamatory than realistic, sentiment may help push oil prices up from their current levels before we see any downside correction.

_________________________________

 

OPEC ‘powerless to prevent’ oil prices jumping toward $100 a barrel this year

OPEC kingpin Saudi Arabia is ill-equipped to prevent a supply shock in the energy market, analysts told CNBC on Monday, as oil traders prepare for the possibility of $100 a barrel before year-end.

“Nobody wants to get caught short, full in the knowledge that more Iranian barrels are poised to be removed from the market,” Stephen Brennock, oil analyst at PVM Oil Associates, said in a research note published Monday.

Late last month, President Donald Trump urged OPEC producers to ratchet up production levels to prevent further price rises ahead of the mid-term elections in early November.

The Trump administration’s push for the Middle-East dominated cartel to start pumping more oil comes as the White House prepares to impose targeted crude sanctions against Iran in around five weeks’ time. Further to this, Washington is also asking buyers of Iranian oil to slash imports to zero to force Tehran to negotiate a new nuclear agreement.

China reportedly bowing to US pressure
China initially rejected a U.S. request to choke off the flow of petrodollars to the Islamic republic but, amid intense pressure from the Trump administration, the Asian giant is now reportedly taking steps to comply.

China’s top state refiner, Sinopec Corp, was seen halving its loadings of Iranian crude in September, Reuters reported Friday, citing unidentified sources.

The prospect of a reduction from Sinopec would constitute a significant blow for Iran. That’s because OPEC’s third-largest producer considers China to be its leading oil client at a time when European producers and other global buyers are dramatically reducing Iranian crude purchases to avoid U.S. sanctions.

China has consistently defended its energy trade with Tehran — thought to be worth around $1.5 billion a month — as transparent and lawful.

“Against this backdrop of dwindling Iranian oil supplies, the focus will turn to meek levels of global, or more accurately, Saudi spare capacity,” Brennock said.

OPEC and non-OPEC producers were initially thought to be reluctant to immediately respond to heightened pressure from the Trump administration, but Saudi Arabia is now expected to put as much as 550,000 additional barrels per day (bpd) onto the market over the next couple of months.

The kingdom has previously claimed to have around 1.5 million bpd available to add to the market if required.

But, Riyadh is thought to be unable to fully offset global supply disruptions over the coming months. And “this essentially leaves the world’s only swing producer powerless to prevent a supply shock and subsequent price spike in the final quarter of this year,” Brennock said.

$100 a barrel
“We are moving into a world where you have lower inventories, lower spare capacity and less protection for buyers,” John Driscoll, chief strategist at JTD Energy Services, told CNBC on Monday.

“So $100 a barrel has become more likely, whether we get there or not, it might be a little early to say,” he added.

International benchmark Brent crude traded at around $83.01 on Monday, up around 0.34 percent, while U.S. West Texas Intermediate (WTI) stood at around $73.42, more than 0.2 percent higher.

U.S. sanctions against Tehran are widely expected to have an immediate impact on Iran’s oil exports, although the estimates of exactly how much of the country’s oil could disappear from November 4 vary widely.

Some energy market analysts expect around 500,000 bpd to disappear once U.S. sanctions against Iran come into force, while others have warned as much as 2 million bpd could come offline over the coming months.

_____________________________________

Hedge fund managers are increasingly betting Saudi Arabia and its allies cannot or will not replace all the crude lost from the market when U.S. sanctions on Iran go into effect fully from November.

Hedge funds and other money managers increased their combined net long position in the six major petroleum contracts by another 50 million barrels in the week to Sept. 25.

Portfolio managers have raised their combined net long position by a total of 196 million barrels over the last five weeks, according to exchange and regulatory data.

Bullish long positions now outnumber bearish short ones by a ratio of more than 12:1, and the imbalance is rapidly closing in on the record 14:1 back in April.

But the new wave of hedge fund bullishness is concentrated almost entirely in Brent rather than WTI or refined fuels.

Fund managers have raised their net in Brent by 172 million barrels since Aug. 21 compared with an increase of just 5 million in WTI.

Fund managers now hold a net long position of almost 500 million barrels in Brent betting prices will increase even further from their current four-year high.

Hedge fund long positions outnumber short ones in Brent by more than 19:1, up from a ratio of just 8:1 at the start of August, and closing in on the record 21:1 set in April.

Traders foresee a shortage of seaborne crudes linked to Brent as U.S. sanctions on Iran go into effect on Nov. 4, despite reassurances from Saudi Arabia, Russia and the United States supplies will remain adequate.

Concern about feedstock shortages linked to sanctions explains why position-building has been overwhelmingly concentrated in Brent rather than WTI or refined fuels.

The inland U.S. crude market remains well-supplied and refined fuel markets appear balanced as an international freight slowdown and higher prices take their toll on consumption.

But Brent spot prices have climbed by more than $12 per barrel (17 percent) since mid-August while the six-month calendar spread has risen almost $2.60 and swung from contango into a pronounced backwardation.

Saudi Arabia and Russia have both pledged to increase production to make up for the loss of crude oil exports from Iran. U.S. officials have been working with refiners in Asia to find replacements or Iranian oil.

None of that has assuaged fears about shortfalls in crude availability as sanctions go into effect.

Some analysts question whether Saudi Arabia has enough spare capacity to replace all the barrels lost as a result of sanctions while maintaining enough in reserve to meet any further shortfalls.

Others question whether the kingdom is willing to increase production enough to act as a cap on prices or bring them back down below $80, despite political pressure from the United States.

The enormous concentration of hedge fund long positions in Brent creates a significant risk of a short-term price reversal if and when fund managers attempt to realise some of their profits following the rally.

For the time being, however, with doubts swirling around the outlook for oil supplies, the message from hedge fund managers is simple: show me the barrels.

 

[ATK + 355]

41 minutes ago, ceo_energemsier said:

Oil prices rose last week to more than $80 per barrel for the first time since November 2014. Rather than rising on the back of strong demand growth and a positive outlook for the global economy, the recent move in prices has been catalysed by growing market anxiety over supply.

In a reversal of the glut the market endured from 2015 to 2017, there is a real risk we could enter 2019 with not enough oil to go around, setting the stage for oil prices to remain high for some time.

The most immediate source of a supply risk is Iran. US sanctions that directly target Iran’s oil exports will come into effect in early November and estimates of how much oil could be taken off the markets vary from 750,000 barrels per day to as much as 1.5 million barrels per day.

Regardless of the scale of the decline, a sizeable drop from a significant oil exporter will tighten markets in the final months of 2018 and importers will need to scramble to find replacement barrels.

The spectre of sanctions has already led importers to move away from taking cargoes from Iran and recent market surveys point to a drop in Iranian exports of more than 400,000 barrels per day in August alone. The degree of compliance by major importers of Iranian crude already appears to be high, with South Korea, the European Union and India cutting back their purchases sharply in recent months.

The Trump White House is showing no signs of easing the economic pressure on Iran and has so far been reticent to offer waivers on sanctions to importers. Considering the hostile rhetoric traded between the presidents of both the US and Iran at the UN this month, geopolitical risks will continue to exert an upward pull on oil.

While not relaxing the pressure on Iran, President Trump has publicly criticised Opec members several times for not raising production to dampen current prices, including declaring that Opec was “ripping the world off” in front of the UN General Assembly.

Opec members did agree to raise production at their June meeting to compensate for deteriorating production in Venezuela and to put an end to the ‘over-compliance’ with their 2017 production cut agreement with other countries, notably Russia.

But so far the increase has not been large enough to cap prices and Opec countries will be wary of increasing output too much and risk pushing the market back into surplus. Within Opec there are only a few countries that have the capacity to meaningfully raise production, most prominently Saudi Arabia, which has historically claimed an ability to raise production to 12 million barrels per day compared with current levels of around 10.4 million barrels per day. Saudi Arabia has not tested sustained production at that level, however, and there is likely to be a mismatch in terms of the quality of oil it holds in reserve compared with what is actually needed in the market.

While an increase in production now could help to limit the gains in prices it could end up causing more problems further down the road. Opec’s production is currently at around 90 per cent of its total capacity, leaving it little room to adjust production upward to compensate for more unanticipated supply outages or rapid increases in demand.

But it’s not just in Opec where supply risks are exerting upward pressure on prices. In the US the rapid pace of supply growth from shale oil producers is butting up against infrastructure constraints, and Canada is also facing similar takeaway capacity issues.

High oil prices will be welcome news for the GCC’s oil and gas producers as they help shore up fiscal and external balances. But for importers oil prices around $80 per barrel are only another economic headwind to overcome in the midst of rising trade tensions and deteriorating financial conditions in several large emerging markets. One way for oil prices to fall, albeit a gloomier one, would be if disruptions to global trade sank overall commodity demand.

After several years awash in a ‘glut’ of oil, markets need to be prepared to adjust to a sustained period of tightness and endure higher prices. While expectations of oil as high as $100 per barrel are more exclamatory than realistic, sentiment may help push oil prices up from their current levels before we see any downside correction.

_________________________________

 

OPEC ‘powerless to prevent’ oil prices jumping toward $100 a barrel this year

OPEC kingpin Saudi Arabia is ill-equipped to prevent a supply shock in the energy market, analysts told CNBC on Monday, as oil traders prepare for the possibility of $100 a barrel before year-end.

“Nobody wants to get caught short, full in the knowledge that more Iranian barrels are poised to be removed from the market,” Stephen Brennock, oil analyst at PVM Oil Associates, said in a research note published Monday.

Late last month, President Donald Trump urged OPEC producers to ratchet up production levels to prevent further price rises ahead of the mid-term elections in early November.

The Trump administration’s push for the Middle-East dominated cartel to start pumping more oil comes as the White House prepares to impose targeted crude sanctions against Iran in around five weeks’ time. Further to this, Washington is also asking buyers of Iranian oil to slash imports to zero to force Tehran to negotiate a new nuclear agreement.

China reportedly bowing to US pressure
China initially rejected a U.S. request to choke off the flow of petrodollars to the Islamic republic but, amid intense pressure from the Trump administration, the Asian giant is now reportedly taking steps to comply.

China’s top state refiner, Sinopec Corp, was seen halving its loadings of Iranian crude in September, Reuters reported Friday, citing unidentified sources.

The prospect of a reduction from Sinopec would constitute a significant blow for Iran. That’s because OPEC’s third-largest producer considers China to be its leading oil client at a time when European producers and other global buyers are dramatically reducing Iranian crude purchases to avoid U.S. sanctions.

China has consistently defended its energy trade with Tehran — thought to be worth around $1.5 billion a month — as transparent and lawful.

“Against this backdrop of dwindling Iranian oil supplies, the focus will turn to meek levels of global, or more accurately, Saudi spare capacity,” Brennock said.

OPEC and non-OPEC producers were initially thought to be reluctant to immediately respond to heightened pressure from the Trump administration, but Saudi Arabia is now expected to put as much as 550,000 additional barrels per day (bpd) onto the market over the next couple of months.

The kingdom has previously claimed to have around 1.5 million bpd available to add to the market if required.

But, Riyadh is thought to be unable to fully offset global supply disruptions over the coming months. And “this essentially leaves the world’s only swing producer powerless to prevent a supply shock and subsequent price spike in the final quarter of this year,” Brennock said.

$100 a barrel
“We are moving into a world where you have lower inventories, lower spare capacity and less protection for buyers,” John Driscoll, chief strategist at JTD Energy Services, told CNBC on Monday.

“So $100 a barrel has become more likely, whether we get there or not, it might be a little early to say,” he added.

International benchmark Brent crude traded at around $83.01 on Monday, up around 0.34 percent, while U.S. West Texas Intermediate (WTI) stood at around $73.42, more than 0.2 percent higher.

U.S. sanctions against Tehran are widely expected to have an immediate impact on Iran’s oil exports, although the estimates of exactly how much of the country’s oil could disappear from November 4 vary widely.

Some energy market analysts expect around 500,000 bpd to disappear once U.S. sanctions against Iran come into force, while others have warned as much as 2 million bpd could come offline over the coming months.

_____________________________________

Hedge fund managers are increasingly betting Saudi Arabia and its allies cannot or will not replace all the crude lost from the market when U.S. sanctions on Iran go into effect fully from November.

Hedge funds and other money managers increased their combined net long position in the six major petroleum contracts by another 50 million barrels in the week to Sept. 25.

Portfolio managers have raised their combined net long position by a total of 196 million barrels over the last five weeks, according to exchange and regulatory data.

Bullish long positions now outnumber bearish short ones by a ratio of more than 12:1, and the imbalance is rapidly closing in on the record 14:1 back in April.

But the new wave of hedge fund bullishness is concentrated almost entirely in Brent rather than WTI or refined fuels.

Fund managers have raised their net in Brent by 172 million barrels since Aug. 21 compared with an increase of just 5 million in WTI.

Fund managers now hold a net long position of almost 500 million barrels in Brent betting prices will increase even further from their current four-year high.

Hedge fund long positions outnumber short ones in Brent by more than 19:1, up from a ratio of just 8:1 at the start of August, and closing in on the record 21:1 set in April.

Traders foresee a shortage of seaborne crudes linked to Brent as U.S. sanctions on Iran go into effect on Nov. 4, despite reassurances from Saudi Arabia, Russia and the United States supplies will remain adequate.

Concern about feedstock shortages linked to sanctions explains why position-building has been overwhelmingly concentrated in Brent rather than WTI or refined fuels.

The inland U.S. crude market remains well-supplied and refined fuel markets appear balanced as an international freight slowdown and higher prices take their toll on consumption.

But Brent spot prices have climbed by more than $12 per barrel (17 percent) since mid-August while the six-month calendar spread has risen almost $2.60 and swung from contango into a pronounced backwardation.

Saudi Arabia and Russia have both pledged to increase production to make up for the loss of crude oil exports from Iran. U.S. officials have been working with refiners in Asia to find replacements or Iranian oil.

None of that has assuaged fears about shortfalls in crude availability as sanctions go into effect.

Some analysts question whether Saudi Arabia has enough spare capacity to replace all the barrels lost as a result of sanctions while maintaining enough in reserve to meet any further shortfalls.

Others question whether the kingdom is willing to increase production enough to act as a cap on prices or bring them back down below $80, despite political pressure from the United States.

The enormous concentration of hedge fund long positions in Brent creates a significant risk of a short-term price reversal if and when fund managers attempt to realise some of their profits following the rally.

For the time being, however, with doubts swirling around the outlook for oil supplies, the message from hedge fund managers is simple: show me the barrels.

 

Dude, solid write up for real, well done

[ATK + 355]

API report is in and they are reporting a crude build of around 900k, I'm calling it now what the headlines will say! 

"Oil market unimpressed by small crude build as Iranian Sanctions loom"

[Osama + 248]

13 hours ago, ATK said:

API report is in and they are reporting a crude build of around 900k, I'm calling it now what the headlines will say! 

"Oil market unimpressed by small crude build as Iranian Sanctions loom"

You are a Oracle! A Seer!

 

[ATK + 355]

This market is literally fucked, it literally does not care about anything and I mean ANYTHING that is bearish. Yes yes spare capacity blah blah, can opec keep production blah blah, we get it okay, WE FUCKING GET IT, but God damn take a breather or something. We are going full on exponential curve of the day chart, does RSI have to hit 100 before bull's consider a tiny pullback?  Russia and Saudi Arabia came out saying they'd increase output, how does the market react? Not at all! This whole rally started on the premise that OPEC won't be increasing output, I miss the days where oil reports had more weight to them, but whatever. EIA report will probably show a build and WTI will climb to ATH as a result, you know, for like reasons and like Iran or whatever 

Edited October 3, 2018 by ATK

[Osama + 248]

Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers, four sources familiar with the plan said.

 

https://www.reuters.com/article/us-russia-saudi-oil-exclusive/exclusive-saudi-arabia-russia-agreed-in-sept-to-lift-oil-output-told-u-s-idUSKCN1MD0Y8

 

@Dan Warnick told you something is cooking!!

[ATK + 355]

5 minutes ago, Osama said:

Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers, four sources familiar with the plan said.

 

https://www.reuters.com/article/us-russia-saudi-oil-exclusive/exclusive-saudi-arabia-russia-agreed-in-sept-to-lift-oil-output-told-u-s-idUSKCN1MD0Y8

 

@Dan Warnick told you something is cooking!!

Yeah but all bulls have to say is they doubt they can do it, alright upward momentum saved !

[MAIK + 2]

According to my analysis the
AVERAGE VALUE OF OCTOBER IS 71.83$
so the correction is perhaps very soon from 75,34 to 71,83...

seasonanalysiskm

[Osama + 248]

11 minutes ago, ATK said:

Yeah but all bulls have to say is they doubt they can do it, alright upward momentum saved !

For the time being. But at least there has been what I would like to call a reality check.

[ATK + 355]

6 minutes ago, Osama said:

For the time being. But at least there has been what I would like to call a reality check.

Irrational Exuberance is how I describe the oil market right now. Saudi Arabia was saying that they think the current market is actually over supplied right now! What benefit do they have in saying that? They have the most to gain from high oil prices, yet here we are. 

We get bulls we really do, it's not about supplies now, but later. My question is how much more can we go with Iranian oil? I mean surely at this point it's been price in at least somewhat right? Most countries have already cut a significant amount of crude shipments from Iran, how much tighter can the market possibly get?

 

[Dan Warnick + 6,100]

On 10/1/2018 at 10:45 PM, ATK said:

Oil climbing again, you know, just because

IRANIAN SANCTIONS (just throwing that out there in case anybody forgot  )

[ATK + 355]

26 minutes ago, MAIK said:

According to my analysis the
AVERAGE VALUE OF OCTOBER IS 71.83$
so the correction is perhaps very soon from 75,34 to 71,83...

seasonanalysiskm

Man that would be swell

[ATK + 355]

EIA confirmed a crude build, so weird considering how TIGHT the oil market is

HAHAHA and bulls already buying the dip!!!! Man this market is straight FUCKED!