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  • WTI Spikes Above $62 After 3rd Straight Weekly Crude Draw, Optimistic IEA Report

    From zerohedge.com

    Despite growing vaccine hesitancy and global COVID cases resurging, oil prices are rising for a third straight day after the IEA lifted its forecasts for demand and API's report pointed to another decline in US crude stockpiles. Additionally, news that China is clamping down on independent oil refiners in an effort to curb overcapacity and stamp out illegal practices is helping push WTI back above $61 ahead of today's official production and inventory data. "The main price driver this morning is the monthly IEA report that foresees a significant rise in global oil demand in the second half of the year. This, in turn, ... (full story)

then...the producers will just produce more...then they will rush and flood again...isnt that why OPEC meet? its a club to drive prices stable while oil can be produced at massive levels
also again...USDCAD has held pretty well today consider surgence in AUD and NZD. people realise economy not based on price of oil. maybe good for reserves but nothing for anything else. someone is buying all day today...
Billy Hwang is that you??
It's not about the economy. It's something that is beyond our straight mentality.
Even if the economy were good there is someone with lots of money to do the opposite. Messed up market.
Quoting rafnat
It's not about the economy. It's something that is beyond our straight mentality. Even if the economy were good there is someone with lots of money to do the opposite. Messed up market.
I used to think it was messed up because of that, but now I realise, thank God for people with that money. Or else it will be as hard as selling goods and services in the physical market.
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