THE PRESS HAS REPORTED ALL SUMMER:
The market has reported that oil has bottomed out and would be 65.00 steady. They reported all sorts of lies.
WE told you the TRUTH. WE are right.
Opec is a fraud. They are dead as a market supply demand influence.
They are a cartel of CHEATERS. They cheat the world. Coming up on a 14 billion dollar bond offering to finance in nation deficits, they report OPEC has reached an agreement to cut supply. No one is cutting. All members are ramping up production to discuss a freeze at the highest levels EVER.
However, the members cheat. No one will stay with the freeze.
Opec reported Lybia and Nigeria would not raise output due to political instability. Venezuela Lybia and Nigeria are all soaring in summer to now production.
The USA stockpiles expected to rise 1 million barrels during the past week rose by 14 million barrels or 9x the expert prediction. The experts are all wrong – have been all wrong – and speculators are losing billions being on the wrong side of bets here.
The trading range of low 40’s is a 2017 trading range to look at. The rest is manipulation. There is an oversupply. A glut. There is more oil than the world can buy. There is more oil than the world needs. You can’t morally raise prices when there are five miles of ships storing oil off coasts because there is no land-based storage that is not already FULL.
The supply is rising – soaring. The demand is dropping steadily as energy moves into efficiency and away from oil. The market of oil scarcity is over.
The CHEATER CLUB OPEC is a joke people make jokes about in the market worldwide. They think they still have power and influence. In fact, they are in full panic as their national economies no longer WORK at oil prices of low 40’s. Also, oil could crash.
So the notion we are going to see stable higher prices for oil outside Gulf wars is silly.
Even if the GULF WENT OFFLINE the world would be ok.
No one can afford to cut back.
Every producer is desperate for cash at any price.
Folks – the speculators are being crushed and their ability to manipulate prices is fleeting.
9x a rise in SURPLUS over what the EXPERTS told us. 900% wrong.
Your blog was 100% right.
Berny Dohrmann – We’ll keep a light on for you
PS: The private sector in America added so few jobs it is like a confirmation how fragile the USA economy is – it is sick and can not get over its cold – with current policy. Think of the price of energy as the real cost of EVERYTHING.