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).

Be gentle with your skin. Our soaps are kind to your skin and create a creamy, silky lather that is nourishing. Small batches are made by hand. We only use the best natural ingredients. There are no chemicals, phthalates, parabens, sodium laurel sulfate, or detergents. GraniteRidgeSoapworks

Use the code HNEWS10 to receive 10% off your first purchase.

Revelation: A Blueprint for the Great Tribulation

Click Here

A Watchman Is Awakened

Learn More

Learn More

Will Putin Fulfill Biblical Prophecy and Attack Israel?

Part 1

Part 2

Part 3

Support The 127.org

A Thrilling Ride

Every once in awhile, a book comes across your path that is impossible to put down. A Long Journey Home is not a casual book that you read in a week or earmark to complete at a later date. Once you begin, cancel your schedule, put your phone on silent, find a quiet place where you cannot be disturbed, and complete the journey. Click Here to Purchase on Amazon.com!