Oil 12 (Feb 21 - Sep 23)

[behappyalways]

Oil Giants Warn Of Much Higher Prices For The Next 3-5 Years Amid Lack Of Supply
https://www.zerohedge.com/commodities/o ... ack-supply

[winston]

Oil is in another bear market - for good reason

By JARED DILLIAN

Most of the bull case in oil revolves around government incompetence and ESG investing, both of which are restricting drilling and raising the cost of capital for oil producers, thereby reducing supply.

So, what is the decline in oil prices all about? My guess is that it’s a reflection of the higher odds of a recession and the resulting demand destruction.

Does it return to an equilibrium level of US$80 (RM353) a barrel, or does it rocket to US$200, like the macro doom crowd thinks?

Source: Bloomberg

https://www.thestar.com.my/business/bus ... ood-reason

[behappyalways]

Biden Drains US Strategic Oil Reserve To Lowest Since 1986; UAE Warns Not To Expect Any Help From OPEC
https://www.zerohedge.com/energy/biden- ... -help-opec

[behappyalways]

US Emergency Oil Reserves Tumble To Record Low 27 Days Worth Of Supply
https://www.zerohedge.com/energy/us-eme ... rth-supply

[winston]

Oil price tumbles 9% on recession demand destruction fears

NEW YORK: Oil price plummeted about 9% on Tuesday in the biggest daily drop since March on growing fears of a global recession and lockdowns in China that could slash demand.

Shanghai said it would begin new rounds of mass testing of its 25 million residents over a three-day period, citing an effort to trace infections linked to an outbreak at a karaoke bar.

"We're seeing some panic liquidation. Lots of nervousness," said Dennis Kissler, senior vice president for trading at BOK Financial.

Concerns that U.S. summer driving season demand would fall off after the Fourth of July holiday also appeared to weigh on the market, Kissler said.

Late in the session, the Norwegian government intervened to stop the strike that had cut oil and gas output, a labour union leader told Reuters.

Source: Reuters

https://www.thestar.com.my/business/bus ... tion-fears

[winston]

Oil Prices Fall on Recession Fears. Where Could They Bottom?

by BRET KENWELL

1. Global recession?
2. North American production picking up pace
3. Continued strength of the U.S. dollar

Source: The Street

https://www.thestreet.com/investing/oil ... y%2BBottom?

[winston]

Citigroup Says Oil Demand to See Further Downward Revisions

by Sophie Caronello

Citigroup reduced its forecast by about a third to 2.4 million-2.5 million barrels a day, similar to the US Energy Information Administration and the International Energy Agency.

Earlier this week, Citigroup had warned that oil prices could collapse to $65 a barrel by the end of this year and slump to $45 by the end-2023 if a demand-crippling recession hits.

JPMorgan Chase & Co. analysts said global prices could reach a “stratospheric” $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts.

Source: Bloomberg

https://finance.yahoo.com/news/citi-mor ... 45609.html

[winston]

Chart Of The Day: Oil Is Heading Toward $60

Source: Investing.com

https://www.investing.com/analysis/char ... s_headline

[winston]

Why You Shouldn’t Bet on an Oil Bust

by Brett Eversole

Oil peaked at $122 a barrel on June 8.

The COT report shows massive numbers of folks making bets against oil.

The contrarian bet is for oil prices to continue higher. Sure, we saw a big sell-off in recent weeks. But until this bearish sentiment turns around, you shouldn’t expect an oil bust. Instead, higher prices are likely.

Source: DailyWealth.com

https://dailytradealert.com/2022/07/13/ ... -oil-bust/

[winston]

Chart Of The Day: Oil Confirms Path Towards $60

By Pinchas Cohen

An economic slowdown—not to mention a recession—should be very bearish for oil

A Descending Triangle appears to be forming on the daily chart, inherently more bearish than a Symmetrical one

My proposed Symmetrical Triangle's implied target is about $64

Source: Investing.com

https://www.investing.com/analysis/char ... s_headline