MBS annoyed that Biden dragging feet to provide security arrangements, that Biden is open to leaking Iranian & Venezuelan oil thru alleged "sanctions", & that Biden does nothing to stop big civilian Gaza slaughter that upsets population in arab world. Else he would loosen some spare capacity to keep prices a bit soft, short term. World demand has softened against an inelastic supply curve, so price recently soft on its own. Likely approaching bottom area because recent financial liquidity & USA fiscal outpouring have re-loosened to give upward hiccup to eco activity.
Thx for your insights. Trading in a basement — parents’ basement in Monaco? It could be worse. In this Thanksgiving, I hope that your wife’s family and friends are doing better in Ukraine.
Thanks, Shrub! You definitely took the FOMO out of dropping crude prices for me!
Thanks for your insights and humor! 😊 Happy Thanksgiving! 🦃
MBS annoyed that Biden dragging feet to provide security arrangements, that Biden is open to leaking Iranian & Venezuelan oil thru alleged "sanctions", & that Biden does nothing to stop big civilian Gaza slaughter that upsets population in arab world. Else he would loosen some spare capacity to keep prices a bit soft, short term. World demand has softened against an inelastic supply curve, so price recently soft on its own. Likely approaching bottom area because recent financial liquidity & USA fiscal outpouring have re-loosened to give upward hiccup to eco activity.
> On one hand, the Saudis are annoyed (…) with the US reaching record production
Feels like only yesterday OPEC was warning of serious underinvestment in oil. Now they complain that production rises? How dare they! 🤣
https://www.cnbc.com/2023/03/03/oil-supply-future-at-threat-from-underinvestment-aramco-ceo-says-.html
Happy Thanksgiving big man
great take Shruby ;) ... respect Seasonality and History! ... and 'the lag' haha ... cheers!
Amazing Shrub.
One thing I don't get though, why was the Opec cut more times than the FED a stupid prediction?
It just seemed wild at the time !
Thx for your insights. Trading in a basement — parents’ basement in Monaco? It could be worse. In this Thanksgiving, I hope that your wife’s family and friends are doing better in Ukraine.
Happy thanksgiving shrub and for everyone as well!!!