Member Info for Krakenoil

The EIA are now forecasting a substantial risk to oil demand for the rest of 2021 and a substantial surplus in oil supply for 2022 as US and other countries increase supply.
They change their minds each week FFS !

Added another 100k from last week according the EIA, US production stands at 11.4m
They never learn do they

+8
Core blimey

Brent is now below were it was towards the end of February ! Big enough correction for you Mrc ?
Fundamentals haven't changed and world inventories are still declining , Oil is oversold

We have someone buying into any weakness at the moment, certainly sets us up for a move towards 30p in the next few weeks.
The delta variant is expected to peak in the next two weeks in the US as well.
Looking forward to our next update, its going to be a big one

Mrc sold out lol

Don’t think Brent will go much lower and I can’t see the SP going to 20p anytime soon either

Be nice to see a move to 30p on the H1 results

This is now a real corundum for Shale, Duc’s are declining along with oil prices, do they invest in drilling using up FCF made in H1 or do they sit tight and face production decline ? Opec could very well be behind this drop with that in mind. Opec holding all the cards again

This time last week Brent was above $72, Nothing really changed , product stocks around the world are dropping fast each month and still on course to be back at 2019 levels come November, Exactly how Opec planned. Commodities have taken a big hit this week as China data is negative, Its not like the demand for good has dropped is it, my friend building company cant get materials, my cable company cant get cable, my bodyshops cant get car parts and our biggest customer cant get steel and to top that off there's no one who want a job driving the delivery vehicles.

The good thing is Opec are aiming to lower world inventories and they are still targeting $75 - $85

Even after a big draw oil has taken another dive. Inventories declining every week but the negativity over delta is still overpowering.
I was hoping for a stronger H2 but I’m not sure we’ll get that now.
There’s always something

Great work Romaron,

Opec may have to revert back to holding further increases to supply until this delta variant passes. That could be next year now.
It’s back to doom and gloom again.

Oil Rigs +10
They are coming back !

Pull your tongue out of my crack Romaron your making me blush. I’m so glad you think I’m educated enough to work for Bloomberg… made my day that has.
Unfortunately they can’t afford me so I’ll stick to what I do now.

Pull your tongue out of my crack Romaron your making me blush. I’m so glad you think I’m educated enough to work for Bloomberg… made my day that has.
Unfortunately they can’t afford me so I’ll stick to what I do now.
That’s another drink I’ll buy you at the 60p party.

As the year goes on Brent average is rising for 2021, If Brent can hold a range of $68 - $75 our H2 results will be tremendous and the market will start to price that in.
The delta variant looks like it could have peaked in the US now we just need other nations to speed up vaccine distribution and the world will go into 2022 in a far better position than this year.
Normality will return soon enough

Why would Opec want to agree to suffer lower income so the US can benefit ? Cant see that happening this time after what Trump done.

Thought we had got rid of Trump and his Bullying persuasions FFS