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Demand is there hence the big product draws in Distillates and Gasoline. they were huge

The lower prices where an issue of physical vs paper oil , there was an imbalance as many observers knew . OPEC just took that paper trade out now. Futures manipulate commodity prices for a while but don't represent demand and supply the whole time.

Saudi cuts 500k Russia (500,000), Iraq (211,000), UAE (144,000), Kuwait (128,000), Kazakhstan (78,000), Algeria (48,000) and Oman (40,000) for a joint total production cut of 1.65 million barrels per day until the end of 2023.
That is the detail I have found .

Back in the 20s we should go !

Look at the monthly candle ! It was building up as a reversal candle and we also know the Mar/ April seasonal trade is one that has statistically been a good one .

I have over 1m from May . Even better

OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg

Noticing a lot of soon to come 5/20 moving average crosses. Should imply that momentum is coming back to small cap oillies . Seeing it across the pond too.
Note how in my previous posts I have mentioned the lows are usually set in March and top trades are low seasonality in March then performing really well in April !

I have this trade on oillies on now . Fingers crossed as statistically there is great outperformance as well as absolute performance .

Stastically March has a very poor seasonal performance , pretty much the lows, whereas April tends to be great .

So beware of the seasonal effect as it remains the best factor when trading . Vs say momentum etc

Me I add at these lows as both oil and Harbour share the seasonal effect . Don't fight the trend I say

They added

Great posts of late and activism from many posters of late .

Thanks also to Romaron which is posting some good content . Credit where its due in this case .

Don't forget that April is usually a strong month for Enquest and March one of the worst months, so far this year March has lived up to its seasonality lets hope April has . I dipped in to buy more on this seasonal effect and not sure if already posted but today's US inventory draws on products were huge

Crude +1.1m
Distillates -3.1m
Gasoline and incredible -6.4m
and Cushing -1.0m

Demand for products ( Gasoline and Distillates ) is clearly huge . Price of oil reacting well so far right in time in my view to buy the lows in seasonality and rally into April . Obviously we do have a big FED meeting and decision time which who knows how it will impact risk on assets .

Buy these lows and sell end of April ? Idea for those reading maybe

I hold Enq for disclosure

Could they drop even lower ?

Had a look over the weekend and mortgages are getting much cheaper again and more so I suspect at this rate.

Looks to me that servicing a mortgage won't be as painful as the brief spike we saw late 2022 and all the doom and gloom prophets in the media were as always wrong. Quick as they were to become prophets of doom which is what they are paid to be . Low rates and supply and demand with an ever increasing immigration will mean rents stay up and buying a home a better store of value than in your bank account . Not to mention a stable expense vs the variability of the spikes in rent .

Worth the pain to get on the property ladder .

Hope those that were happy with the EPL will also be happy when we have to import oil . Add to that no profits to tax . Lefties are seriously mentally impeded . I have no words

This week if my calculations are right should see a good draw in the US .

Whilst oil contracts are determined very much by what I feel are derivative manipulation , I feel that the physical market is telling a different story and should soon be reflected in big draws this week and strong pick up in demand .

Lets see .

good posts Romaron ! Totally agree with the lies .

that was funny ! Except for I'd add at least an OBE for us shareholders !

never too early Romaron ! hahah . Did make me chuckle .

which is a good indicator for consumer demand . The crude small build is less relevant today

As we are seeing dollar ( well not today ) coming down and rates topping out and falling , I suspect that if we add the inevitable big spike of oil demand from China and India ( who are very well placed now again to take advantage of lower oil ) these current levels will be seen as the buy the dip levels. Today's risk off panic is all to do with Credit Suisse. Not fundamentals of oil which the products draws are showing as very healthy

What an epic own goal by the government with Labour waiting to compound it . You wonder whether this lot is working for or against the country ! To me its blatantly against and with quite some energy too .

What is so exceptional about Brent at this moment I really don't know .

There will be virtually no tax raised at this rate either and rising unemployment . The list of f ups is huge now .

Gosh . I am like 12p under down from average . Never should have let this happen . All because of the EPL

The only thing I can say that is positive is that once rates are cut again commodities will get a boost

The buybacks will be seen of great value if they can buy at these levels ! Wow ! Hard to believe . Not sure they are buying right now though but sure want them to . The divi yield at this rate too is going to be quite good .

I wonder that with interest rates plummeting will the government finally make some sense and cut the EPL which has done nothing but damage to an independent UK based industry ? There is nothing exceptional at the moment with oil prices and gas are indeed the only much higher than average of the two fossil fuels .

Dollar weakness will spur demand in China and India and in general emerging markets. Is this a low to buy ? and average down ?

Wouldn't surprise me if Brent went positive later this afternoon , once all the weak hands sold on the lows ! Lol

Of interest is that with a weaker dollar there is a natural market force that makes all the emerging economies buy oil at a cheaper exchange rate , weak dollar is good for global demand

Gas too has recovered a lot from day's lows

re-invest not re-invested ! Was tying on ipad quickly sorry for the typos