Watchman: A Time Is Coming When a Barrel of Oil Will Cost More Than $175 Per Barrel, Which Means That a Gallon of Gas Will Cost $12. Thanks to President Obama and Vice President Biden. This Is Hell on Earth: Tribulation Full Throttle

HNewsWire:

Oil prices extended losses overnight from yesterday afternoon, but bounced back into the green this morning after WTI found support at $89 after Goldman upgraded its forecast.

“The impressive run-up in crude oil prices had to come to a temporary halt and today’s Fed decision on interest rates provides the perfect excuse to bank some money,” PVM Oil Associates Ltd. analyst Tamas Varga wrote in a note.

After last week's big product builds, all eyes will be on any signs of demand-destruction. But, more ominously, the decline in Cushing stocks is top of mind for many...

API

Crude -5.25mm (-1.00mm exp)
Cushing -2.56mm
Gasoline +732k (+500k exp)
Distillates -258k (-200k exp)

DOE

Crude -2.14mm (-1.00mm exp)
Cushing -2.06mm
Gasoline -831k (+500k exp)
Distillates -2.87mm (-200k exp) - biggest draw since May

The official data showed inventory draws across all the cohorts with a smaller crude drop than API rpeorted . Cushing saw stocks plunge for the 11th week of the last 12...

Source: Bloomberg

The 'adjustment factor' is back and surging...

Source: Bloomberg

With the Biden admin claiming that draining the SPR is 'back on the table', they added 600k barrels to it last week...

Source: Bloomberg

Traders are starting to worry that Cushing stocks are nearing 'tank bottoms'...

Source: Bloomberg

US crude production was flat at pre-COVID-lockdown highs...

Source: Bloomberg

WTI rallied back up to hover around $90.50 ahead of the official data and held around there after...

Even one of the market’s stauncher bears, Citigroup Inc.’s Ed Morse, said that geopolitics plus technical trading “could push oil over $100 for a short while.”

However, a well-supplied market - from producers outside OPEC - should mean that “$90 prices look unsustainable,” he added.

“We believe that OPEC will be able to sustain Brent in an $80-to-$105 range in 2024 by leveraging robust Asia-centric global demand growth,” analysts Daan Struyven, Callum Bruce and Yulia Zhestkova Grigsby said in the report dated Sept. 20.

At the same time, “OPEC is unlikely to push prices to extreme levels, which would destroy its long-term residual demand,” they said.

And none of this is good news for The White House or The Eccles Building as gas prices are set to keep soaring...

Source: Bloomberg

...a problem for Biden - as Americans see higher pump prices and call 'bullshit' on his IRA claims; and for Powell - who knows what is coming next is a re-ignition of inflation, which will keep them higher for longer.

Finally, as a reminder, history shows that surging energy costs usually play a role in tipping the U.S. into recession... and demand is starting to be impacted...

Source: Bloomberg

Meanwhile, Russia is killing it...

When will 'The West' start fighting back against the price-cap-deniers? (Like Trudeau did yesterday... until absolutely no one else joined him in condemning India).

Texas Oil Can ‘Lead the Way’—But Biden Won’t Allow the Plandemic to be Interrupted. They Must Destroy The Economy. The NWO is Coming!

By StevieRay Hansen | June 28, 2023 |

HNewsWire-Satan Soldier, Delusional Joe Biden was urged to “get out of the way” by Texas Governor Greg Abbott and Texas Railroad Commission Chairman Wayne Christian to let Texas oil to take the lead. In light of the escalating conflict in Ukraine and the looming imposition of sanctions by the United States and its Western allies on Russian oil, Abbott tweeted on Feb. 24: “Texas can drill enough oil and natural gas to keep prices low here in the United States and Europe if Biden would get out of the way. It was only a few days after Biden had prohibited the import of Russian oil, natural gas liquids, and coal that Christian agreed in a post on the commission website on March 18, as evidence of Russian war crimes in Ukraine began to emerge. The Lone Star State, he added,…

Satan Soldiers Has the Ability to Slow Down Production of Crude Oil Around the Globe

By StevieRay Hansen | November 20, 2022 |

We Will Certainly Feel the Pitch Here at Home , Another Plandemic in the Making… “Everything is energy and that’s all there is to it. Match the frequency of the reality you want and you cannot help but get that reality […]” – Albert Einstein “Jumpin’ Jack Flash, it’s a gas, gas, gas” – Rolling Stones Summary US and European natural gas prices have jumped to multi-year highs; to the extent that comparisons with the 1970’s oil crises are perhaps not as far-fetched as some would think In this piece we look at the causes behind this development and explain that structural shifts in the market probably better fit the story than the “just a market fad” explanation Various other markets – outside energy – such as fertilizers and ethanol production could be affected by structurally higher gas prices, adding to the…

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