The market once again exerts control over the price of oil

[berg80]

Oil prices ease to near 2-month lows on China demand fears, dollar strength​

U.S. West Texas Intermediate (WTI) crude futures for December were at $79.40 a barrel, down 68 cents or 0.9%, ahead of the contract’s expiry later on Monday. The more active January contract was down 43 cents or 0.5% to $79.68 a barrel.

Both benchmarks closed Friday at their lowest since Sept. 27, extending losses for a second week, with Brent down 9% and WTI 10% lower.

“Apart from the weakened demand outlook due to China’s COVID curbs, a rebound in the U.S. dollar today is also a bearish factor for oil prices,” said CMC Markets analyst Tina Teng.

Oil prices waffle on conflicting OPEC+ output reports

Oil prices were down Monday but reversed some losses on conflicting reports about whether Saudi Arabia is considering a daily output increase.

www.cnbc.com

The international market for oil controls the price just as it did when oil went above $120. Biden's rhetoric about fossil fuels and the need to reduce carbon emissions that came during the campaign and the start of his admin is an afterthought.

 

[johngaltshrugged]

Yes, the oil execs & potential investors don't pay any attention when the meat puppet in the WH says he wants to shut down all fossil fuel production & force a green economy on us.
Gaslighting doesn't hide the fact the policies he implements for his puppet masters have caused chaos & disruption in the free markets, making it more volatile & risky to invest in the infrastructure needed to keep up with demand.
Nice try proggy.
Completely false but nice attempt anyway

 

[my2¢]

Don't they usually go down in winter?

Now as for heating oil on the other hand....

https://www.cnn.com/2022/11/18/success/home-heating-prices

 

[Ray From Cleveland]

Oil prices ease to near 2-month lows on China demand fears, dollar strength​

U.S. West Texas Intermediate (WTI) crude futures for December were at $79.40 a barrel, down 68 cents or 0.9%, ahead of the contract’s expiry later on Monday. The more active January contract was down 43 cents or 0.5% to $79.68 a barrel.

Both benchmarks closed Friday at their lowest since Sept. 27, extending losses for a second week, with Brent down 9% and WTI 10% lower.

“Apart from the weakened demand outlook due to China’s COVID curbs, a rebound in the U.S. dollar today is also a bearish factor for oil prices,” said CMC Markets analyst Tina Teng.

Oil prices waffle on conflicting OPEC+ output reports

Oil prices were down Monday but reversed some losses on conflicting reports about whether Saudi Arabia is considering a daily output increase.

www.cnbc.com

The international market for oil controls the price just as it did when oil went above $120. Biden's rhetoric about fossil fuels and the need to reduce carbon emissions that came during the campaign and the start of his admin is an afterthought.

The market is a strange place, trust me from experience. Show me a source that's usually pretty accurate on commodities and I'll get back into the game. We have Ukraine to deal with, the idea that the market was artificially lower due to us emptying out our reserves, the possibility of China invading Taiwan, and the possibility of OPEC+ cutting production even more.

Too many possibilities and variables have to be considered when making predictions about fuel prices.

 

[LAUGHatLEFTISTS]

Oil prices ease to near 2-month lows on China demand fears, dollar strength​

U.S. West Texas Intermediate (WTI) crude futures for December were at $79.40 a barrel, down 68 cents or 0.9%, ahead of the contract’s expiry later on Monday. The more active January contract was down 43 cents or 0.5% to $79.68 a barrel.

Both benchmarks closed Friday at their lowest since Sept. 27, extending losses for a second week, with Brent down 9% and WTI 10% lower.

“Apart from the weakened demand outlook due to China’s COVID curbs, a rebound in the U.S. dollar today is also a bearish factor for oil prices,” said CMC Markets analyst Tina Teng.

Oil prices waffle on conflicting OPEC+ output reports

Oil prices were down Monday but reversed some losses on conflicting reports about whether Saudi Arabia is considering a daily output increase.

www.cnbc.com

The international market for oil controls the price just as it did when oil went above $120. Biden's rhetoric about fossil fuels and the need to reduce carbon emissions that came during the campaign and the start of his admin is an afterthought.

Bush! Cheney! HALIBURTON! No blood for oil!

 

[whitehall]

Supply and demand determines the price of oil like everything else. As long as the Biden administration embraces the fake "green agenda" that prevents the U.S. from being energy independent and relies on foreign regimes, Americans will freeze in the winter snd see empty shelves in stores.

 

[surada]

The market is a strange place, trust me from experience. Show me a source that's usually pretty accurate on commodities and I'll get back into the game. We have Ukraine to deal with, the idea that the market was artificially lower due to us emptying out our reserves, the possibility of China invading Taiwan, and the possibility of OPEC+ cutting production even more.

Too many possibilities and variables have to be considered when making predictions about fuel prices.

We still have 400 million barrels in the SPR.

 

[Toddsterpatriot]

The market once again exerts control over the price of oil​

The market never stopped controlling the price of oil.

 

[Toddsterpatriot]

We still have 400 million barrels in the SPR.

It's true, Biden is a useless hack.

 

[Ray From Cleveland]

We still have 400 million barrels in the SPR.

Experts are saying even that is dangerously low. It's the lowest it's been since 1984.

The SR was not designed to buy votes or keep prices low, it was created to have a reserve in case of war or natural disaster. And remember that Trump filled it up when oil was at it's lowest price, so it's going to be low for a long time unless we spend twice as much filling it back up.

 

[Ray From Cleveland]

Supply and demand determines the price of oil like everything else. As long as the Biden administration embraces the fake "green agenda" that prevents the U.S. from being energy independent and relies on foreign regimes, Americans will freeze in the winter snd see empty shelves in stores.

That's the problem. OPEC knows that we have an anti-energy President in charge now, and that puts them in the drivers seat. They would never have pulled any stunts like this under Trump. Trump would have told them if they don't want to pump oil, the US will make up the difference. Dementia will never do that which is why he used the reserves in the first place.

Forgive the pun, but they have us over a barrel.