U.S. crude oil posted its first down year since 2020, shedding 10% in 2023 as worries mounted about the potential for oversupply. The West Texas Intermediate was down 10.73% on the year, and Brent lost 10.32%. Despite ongoing geopolitical risk due to war in the Middle East, the U.S., Brazil and Guyana are all producing crude at record pace, amounting to historic production outside OPEC. The oil-producing bloc and its allies have vowed to cut production by 2.2 million barrels per day...
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On the IEA's report Opec's Secretary General, Haitham Al Ghais said: “It is ironic that the IEA, an agency that has repeatedly shifted its narratives and forecasts on a regular basis in recent years, now addresses the oil and gas industry and says that this is a ‘moment of truth’. The manner in which the IEA has unfortunately used its social media platforms in recent days to criticize and instruct the oil and gas industry is undiplomatic to say the least. Opec itself is not an organization that ...
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Endgame: Interest On US Debt Skyrockets Above $1 Trillion For The First Time Ever
$Exxon Mobil (XOM.US)$ $Chevron (CVX.US)$ $Occidental Petroleum (OXY.US)$
$Exxon Mobil (XOM.US)$ $Chevron (CVX.US)$ $Occidental Petroleum (OXY.US)$
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Crude #oil at $76 would put up a better fight than at $78 – accumulation is starting to emerge, and I don‘t look for #OPEC+ production quota (cuts not expiring) changes.
The current move reflects that the conflict hasn‘t spread to Iran yet.
$Occidental Petroleum (OXY.US)$ $Chevron (CVX.US)$ $Exxon Mobil (XOM.US)$
The current move reflects that the conflict hasn‘t spread to Iran yet.
$Occidental Petroleum (OXY.US)$ $Chevron (CVX.US)$ $Exxon Mobil (XOM.US)$
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Even EIA says that the potential growth in Vz oil production is less than 200k BOPD by the end of 2024.
$S&P 500 Index (.SPX.US)$ $Dow Jones Industrial Average (.DJI.US)$ $Nasdaq Composite Index (.IXIC.US)$
$S&P 500 Index (.SPX.US)$ $Dow Jones Industrial Average (.DJI.US)$ $Nasdaq Composite Index (.IXIC.US)$
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Crudeoil has surrendered most of its war premium with traders unwilling to buy at prices only justified by a not yet realised and increasingly unlikely supply disruption. Instead the focus is turning to softening demand and lower refinery margins. Watch $87.50 in Brent #oott
$Occidental Petroleum (OXY.US)$ $Chevron (CVX.US)$ $Exxon Mobil (XOM.US)$
$Occidental Petroleum (OXY.US)$ $Chevron (CVX.US)$ $Exxon Mobil (XOM.US)$
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$United States Oil Fund LP (USO.US)$ is bearish... $Exxon Mobil (XOM.US)$ is bearish... $Chevron (CVX.US)$ is bearish. How is this possible with a middle east war? Are we in such a silent recession we can't even notice a lack of oil demand?
This is the trade range I've made, there are now lower-highs in the roil range...we did see a similar move right before September 2023 though.
Curious what people think about oil going into January of 2024. Range is $83.37 - $72.51
This is the trade range I've made, there are now lower-highs in the roil range...we did see a similar move right before September 2023 though.
Curious what people think about oil going into January of 2024. Range is $83.37 - $72.51
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Oil giant Chevron was the biggest laggard in the Dow Jones Industrial Average, falling 2.6% after announcing plans to buy Hess for $53 billion, or $171 a share.
Salesforce, Amgen and McDonald’s were among the other major underperformers in the 30-stock index, falling more than 1% each. $Chevron (CVX.US)$
Salesforce, Amgen and McDonald’s were among the other major underperformers in the 30-stock index, falling more than 1% each. $Chevron (CVX.US)$
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