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Trump’s comments came after he spoke with Sen. Kevin Cramer, a Republican senator from North Dakota — one of the hardest hit states — on Monday.
“We cannot tolerate having 2,500 troops and missile defense batteries protecting Saudi Arabia’s oil assets while they declare war on our oil assets in North Dakota and across the United States,” said Cramer.
To press his case, Cramer has assembled a group of 10 Republican senators from oil-rich states — all of whom are Iran hawks and have voted on multiple occasions to continue US support and arms sales for the Saudi-led coalition in Yemen. Cramer has called for withdrawing US military equipment and personnel from the kingdom and ending crude oil imports from Iran and Russia. He has also pressed the issue in a letter to Prince Mohammed. Secretary of State Mike Pompeo raised the issue separately with the crown prince earlier this month.
https://www.al-monitor.com/pulse/originals/2020/04/intel-trump-bemoan-oil-price-war-saudi-congress.html
Scoutt,
I totally agree, with what the FT are saying. Also most people on here seem to be ignoring the obvious technicals, a 50% retracement from a very over sold position is very normal before a stock falls again, even more telling is the huge gap it’s left down below which will clearly get filled at some point in the coming weeks. You can look back on the daily charts for Shell over the past 20 years and it’s never left a gap like that without filling it first.
I bought in last week at a very oversold position and made some good money here but I’m out again now and will wait for the next leg down.
Trump is talking rubbish and the Saudis is t sing to his tune yet, Whiting Petroleum one of the big shake players filed for bankruptcy yesterday and there will be many more to come now, Saudis will keep at this for some more time to come.
Looks as though the FT has fallen for a conspiracy theory, Scoutt.
It was clear from the Russian reaction to MBS's decision that they had not been a party to it.
I have looked at all the entries for Mike Dunleavy online, but I haven't seen anything about that, LP.
This just posted on another B&B
Just listened to interview on CNBC where Alaska governor said there is a Bill being presented to remove all troops and military equipment/aid from Saudi if they don’t quickly play ball on oil. He said he is confident that the bill will pass and he and 12 other governors have had call with Saudi to convey the threat.
Not sure of credibility but thought I would post it on for comment.
Financial Times this am says that Saudis and Moscow staged this price collapse as a strategy from game theory, forcing small and “expensive” producers to the wall and breaking the the American shale producers at the same time. Question I have is not if the dividend is cancelled but when and for how long. Expect this to tank over next couple of weeks. Storage facilities are nearing maximum level and once full, crude oil becomes a toxic waste product that you will have to pay to get rid of. Not my words (except the last bit), but the FT no less. Get out now and stay out.