Zero Hedge: Two Oil Price Scenarios: One Bad, And One Catastrophic
Another day, another record discount for Russian Urals crude, which was offered at a price more than $22 below spot by oil trader Trafigura and still could find no giant... ... confirmed what we previously observed, namely that the commodity world is splitting in two: a bidless market for Russian oil, and (increasingly) offerless for non-Russian.
This is the key point that JPMorgan's commodity strategist Natasha Kaneva makes in a research note earlier today, in which she notes that while the US and its allies have so far stopped short of imposing penalties directly on Russian oil and gas, on Tuesday it became increasingly clear that Russian oil is being ostracized.
The preliminary Russian crude oil loadings for March revealed a 1 mbd drop in the loadings from the Black Sea ports, 1 mbd drop from the Baltics and 0.5 mbd drop in the Far East.
Read more ....
WNU Editor: Just a reminder to everyone. These type of oil spikes helped catalyze the global financial crisis of 2008.
4 comments:
Biden Admin Won't Open Domestic Production, May Buy Iranian Oil
Buttigieg slammed for saying 'all options are on the table' when asked about buying oil from Iran
Not drilling in America is sacred.
Drilling everywhere else is good.
This tells me that the Democrats have to lose control of both houses and have really bad poll numbers to boot afterwards before the Biden Nut House decides to relent on allowing drilling.
It's the same with green energy and high tech products. We will import the materials or finished products and leave the dirty parts - mining, much of the manufacturing, and disposal to the third world.
Step 1: say you'll lower prices
Step 2: ?
Step 3: take credit
Biden and the Democrats do not care if Black African children die from maltreatment and malnutrition with a pick axe in their hand. All that matters is that they get their precious metals for windmills.
Smart KKK vote Democrat.
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