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https://www.zerohedge.com/markets/opec-sees-mild-and-short-lived-omicron-impact-oil-demand
https://twitter.com/eri****tall/status/1470475272201900034?s=11
https://www.zerohedge.com/energy/has-eia-massively-overestimated-potential-us-shale
https://www.energyintel.com/0000017d-8058-db65-ad7f-a9fde9460000
The decision from OPEC to maintain its production plan even after the recent oil price financial market volatility must mean demand is pulling the supply requirements moving forward this should be viewed very bullish by the market
If OPEC + had any uncertainty about future supply pull they could have easily suspended any increases
https://www.ninepoint.com/commentary/commentaries/2021/102021/eric-nuttall-october-market-view/
https://www.energyintel.com/0000017d-6a07-d13d-af7f-fb8779a70000
Price marked down on very low volume The American administration desperately trying to reduce oil prices lots of convenient negative news flow ! and most of the American traders off on extended holidays large price moves on low volume do not normally have much conviction to the move OPEC has the production power
The strategic oil reserves are a very limited resource and are linked to essential industries and the military only to be used in emergency situations drawing down from this reserve will only have a very short term reaction in the market and whatever percentage is drawdown has to be replaced this action gives a message to the oil traders that could actually produce the opposite affect supply is tight consumption is building and OPEC had the real production power the American oil fracking boom will not return due to the new administration’s restrictions on drilling.
Energy stocks do not need higher oil prices to be able to appreciate meaningfully higher, especially given the past weeks sell off and most importantly the prior lack of wider market participation in the sector gains as oil rose to $75.
Massive oil stockpile draws ahead as global activity accelerates which will put a floor under price and what level of sector shares will companies repurchase with free cash flow generated and a reduced level of exploration investment due to large activist share holders.