Oil Poised for Best Year Since 2016 as Middle East Risks Flare

[Tom Kirkman + 8,860]

Since I'm a strong, vocal supporter of oil & gas, I'm sharing this article to poke the oil hater climate panic-mongers, who generally get frothingly upset about any good news for oil & gas.

Remember kids, meltdowns contribute to Global Warming.

 

Oil Poised for Best Year Since 2016 as Middle East Risks Flare

Oil is poised for the biggest yearly gain since 2016 as fresh geopolitical tensions erupted in the Middle East and as U.S. crude stockpiles are forecast to extend declines.

Futures slipped 0.3% in New York after easing slightly Monday from the highest close in three months. Iran detained a ship carrying smuggled fuel near the Strait of Hormuz following U.S. air strikes on five Iran-backed militia bases in Iraq and Syria. American crude stockpiles are forecast to fall for a third week, according to a Bloomberg survey before government data on Friday.

Oil has gained about 34% in 2019, buoyed by a recent breakthrough in the U.S.-China trade dispute and an agreement by the Organization of Petroleum Exporting Countries and its allies to deepen output cuts. It’s been a tumultuous year for prices, which saw the biggest plunge in four years in August due to tariff threats on Beijing by President Donald Trump, before prices spiked the most in more than a decade in September after strikes on Saudi Arabia.

“The U.S.-China trade war was in the driver’s seat when we entered 2019 and remains there as we exit the year,” said Vandana Hari, founder of industry consultant Vanda Insights in Singapore. Geopolitical concerns continue to linger, while OPEC+ collaboration is going strong. President Trump is “the biggest wildcard for the oil market,” she added.  ...

 

[Harsh vardhan singh + 36]

 

30 minutes ago, Tom Kirkman said:

Since I'm a strong, vocal supporter of oil & gas, I'm sharing this article to poke the oil hater climate panic-mongers, who generally get frothingly upset about any good news for oil & gas.

Remember kids, meltdowns contribute to Global Warming.

 

Oil Poised for Best Year Since 2016 as Middle East Risks Flare

Oil is poised for the biggest yearly gain since 2016 as fresh geopolitical tensions erupted in the Middle East and as U.S. crude stockpiles are forecast to extend declines.

Futures slipped 0.3% in New York after easing slightly Monday from the highest close in three months. Iran detained a ship carrying smuggled fuel near the Strait of Hormuz following U.S. air strikes on five Iran-backed militia bases in Iraq and Syria. American crude stockpiles are forecast to fall for a third week, according to a Bloomberg survey before government data on Friday.

Oil has gained about 34% in 2019, buoyed by a recent breakthrough in the U.S.-China trade dispute and an agreement by the Organization of Petroleum Exporting Countries and its allies to deepen output cuts. It’s been a tumultuous year for prices, which saw the biggest plunge in four years in August due to tariff threats on Beijing by President Donald Trump, before prices spiked the most in more than a decade in September after strikes on Saudi Arabia.

“The U.S.-China trade war was in the driver’s seat when we entered 2019 and remains there as we exit the year,” said Vandana Hari, founder of industry consultant Vanda Insights in Singapore. Geopolitical concerns continue to linger, while OPEC+ collaboration is going strong. President Trump is “the biggest wildcard for the oil market,” she added.  ...

 

More than enough to shut the mouth of naysayers...thanks for sharing..!!

Edited December 31, 2019 by Harsh vardhan singh

[Tom Kirkman + 8,860]

Steer clear of hiccups in 2020, everyone : )