Direction of oil for rest of 2019...? This is OilPrice.com yes..? :)

[Guest]

Hi All, kinda bit of fun but very interested in people's views on oil direction over the next few months.

N.B -  I have a $50 bet with a friend on where it gets to first... $44 or $74 ... (we made the bet at $59).

Thoughts on global demand, the trade 'war / dispute / discussions' (depends who's reporting), global inventories, OPEC, Iran, etc etc most welcome...  oh and Brexit, may as well throw that one in, sure it'll be blamed for something.

Thankyou in advance for your time. 

[Guest]

I guess no one wants to actually discuss oil LOL.

Trolling, arguing and spam way more fun ...

[Clinton Savoy + 1]

I have been hearing August 22nd is a must watch. Seasonally oil should go down. that's all I have heard recently.

[James Regan + 1,776]

WTI below 50

Brent 54

[Guest]

4 hours ago, James Regan said:

WTI below 50

Brent 54

good shout James, I'm the one shorting in the bet 📉, not sure it'll hit 44 but we'll see

[Douglas Buckland + 6,308]

On 8/21/2019 at 8:04 AM, DayTrader said:

Hi All, kinda bit of fun but very interested in people's views on oil direction over the next few months.

N.B -  I have a $50 bet with a friend on where it gets to first... $44 or $74 ... (we made the bet at $59).

Thoughts on global demand, the trade 'war / dispute / discussions' (depends who's reporting), global inventories, OPEC, Iran, etc etc most welcome...  oh and Brexit, may as well throw that one in, sure it'll be blamed for something.

Thankyou in advance for your time. 

Well Day Trader, you've managed to mention all the 'hot button' issues in a single post...well done!

Let's see if I can address them in order:

Oil Price: Since the new pipelines in the States are either nearing completion, or filling as we speak, we can rest assured that the Shale Oil Bozos will exercise their historical restraint and pump like there is no tomorrow, which in their case may be true. The market is hypothetically over supplied although where those numbers come from is difficult to ascertain and their accuracy is always questionable.

The trade war is heating up and it will come down to who blinks first - I don't think it will be Trump. Regardless, demand will take a hit.

Essentially there is no upward pressure on the oil price and it will likely drop unto the point where the Shale Oil Bozos put themselves out of business. At this point OPEC+ will adjust production to meet the global demand and we can all go back to work.

So the magic number is whatever the shale oil gang drive the price to before they can't obtain any further financing and go out of business.

Brexit: Their will be some 'weeping and gnashing of teeth', but eventually the UK will come out from under the thumb of the EU, they will develop trade looking west (not only the US), they will become a sovereign nation again and everyone except France and Germany will applaud.

(This is simply the author's opinion and may not reflect the views of this station or OilPrice in general.)

[Guest]

8 hours ago, Douglas Buckland said:

you've managed to mention all the 'hot button' issues in a single post...well done!

Thanks Douglas, I try haha

8 hours ago, Douglas Buckland said:

will exercise their historical restraint and pump like there is no tomorrow

Exactly

8 hours ago, Douglas Buckland said:

they will become a sovereign nation again and everyone except France and Germany will applaud.

👍  🙏  🥳 

8 hours ago, Douglas Buckland said:

(This is simply the author's opinion and may not reflect the views of this station or OilPrice in general.)

🙂 Great stuff, thanks for your reply