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Spot on
AC, first of all, you don't seem to get jokes..when i said $180, it was the sum of the two and it was a joke!!! and i know about Brent and Wti oil. Certainly don't need you to tell me the difference!! By the way, you always seem to find excuses as to why oil is down and if it goes down, you say it's still not good for IAG, if it goes up it's obviously not good!!! when is it good for IAG??? I tell you what..I bet IAG does not care why it's down, they care it's at $90 and they are still flying more passengers every day. If it's china, they are not flying there now and their profits come from US routes..as long as they keep building on those routes, they will be fine. That being said, they are flying to many more OPEN destinations too...even without China.
So, let's hope shorters get reallyyyyyy burnt in the process and sell up!! Let's see where we will be by year end. DYOR.
Weak economic data from China & a sub 80 dollar oil price may well hasten some kind of settlement in the current Russian Ukrainian spat.
I have read that Russian oil has a high production cost estimated at $42 per barrel (is this correct?) . Russia is also selling its oil to China, India, Saudi at an approx 20 to 30 % discount to market value. Therefore any Russian oil revenues funding the Ukraine military operation will be severely impacted by the lower oil price. Also read that oil storage levels in China & India are nearing capacity & that Russia itself has limited storage. So Russia could soon have a glut of oil on its hands & may even have to cap their oil rigs. Lower oil exports = lower oil revenues, this scenario could help in pushing the Kremlin to a settlement.
In my opinion the sanctions will likely remain until there is a fundamental regime change either in the current Russian or Western governments.
That being said , further weak economic data from China could defo see sub 80 dollar oil. China being the largest importer of oil by miles. This is why we dropped 5% today
Jtan , even if the war ended today. It wouldn't stop the sanctions. There would be a global outcry if these sections were just dropped. Oil may even potentially go up as now you have even more oil supply in the hands of Russians with uncertain output. I feel like you think a bit to binary , if war end this will happen xyz - really not that simple unfortunately else we'd all be millionaires
Does that mean you've sold BP?
Crude was at 126/bbl not so long ago. I wouldn't bash people that had upside targets, we're only down on recession risk. Both sides are usually applicable.
I would say that it should be noted oil could go up a lot this winter. I work in power trading so I know this space well. Currently storages are not high enough and we rely on a lot of gas imports , same for Europe. What happens if you don't get the gas you need ? We still need power to keep the lights on so we'll use coal (uk already doing this for 5 coal plants this winter) and if we need even more ? We then use oil. You should see how crazy the winter power prices are rn
Maybe Goldman boys meant $180 for a combined price of WTI and Brent !!!! $94+88= $182!!
We're still lagging behind everyone...cmon IAG !! Give us 121 at least
EZJ up almost 3 % now...iag might see a spike going into the close to catch up..oil falling like a sack of spuds!! Hahahaha.
we are gaining traction now...oil down a fair bit today which is always good. markets recovering now. Oil needs to go down to $80, so a bit more to fall..I think it will..$130 a barrel was a silly price..and those calling for $300 even sillier!!!! hahahaha.
All looking good now. dyor.
I'm happy we are up but we're still behind everyone by a decent amount. Really hoping we get some stronger momentum and catch up
.