Low key today but it worked.
just don't blow off top too soon, they don't like that!Charismatic Megafauna said:
Everybody's trendline is different, it's how you use yours that matters!
Farmer @ Johnsongrass, TX said:
This is the sorriest excuse of a POTUS in my lifetime and I suffered through Carter, Obama and now Brandon. I'm on a mobile phone and dont know how to put the story below in quotes. I'd like to know how Brandon is going to put up U.S. Govt interference with Apple and stabilise a price on an iPhone. Ugh,....this fellow is the worst.
WASHINGTON, Oct 18 The Biden administration has spoken with energy companies as it considers a plan to use the Strategic Petroleum Reserve to both push down oil prices for consumers and support longer-term demand for producers, two sources familiar with the matter said.
The discussions, which involve combining new releases from the stockpile and setting the schedule for buying the oil back, reflect the White House's desire to combat rising pump prices without hurting domestic drillers or refiners.
Rising retail gasoline prices have helped boost inflation to the highest in decades, posing a risk to Biden and his fellow Democrats ahead of the November 8 midterm elections, in which they are seeking to keep control of Congress.
Biden said last week gasoline prices are too high and that he would have more to say about lowering the costs this week. David Turk, his deputy energy secretary, also said last week the administration can tap the SPR in coming weeks and months as necessary to stabilise oil.
The administration has spoken with energy companies about buying back oil through 2025 to replenish the reserve, known as the SPR, the sources said, after Biden in March announced the biggest sale ever, 180 million barrels, from May to October.
To stabilise oil prices, which rose before falling last week and steadying yesterday, it is also preparing to sell about an additional 40 million barrels of SPR oil, which could be announced soon, said a third source.
The Energy Department still has about 14 million barrels of SPR oil left to sell from the 180 million barrel release, which was slowed in July by holidays and hot weather. In addition, the administration is mandated by a law Congress passed years ago to sell another 26 million barrels of SPR oil in fiscal year 2023, which started October 1.
"The administration has a small window ahead of midterms to try to lower fuel prices, or at least demonstrate that they are trying," said a source familiar with the White House deliberations. "The White House did not like US$4 (RM19) a gallon gas and it has signalled that it will take action to prevent that again."
Average US gasoline prices hit about US$3.89 a gallon yesterday, up about 20 cents from a month ago and 56 cents higher than last year at this time, according to the AAA motor group. Gasoline prices hit a record average above US$5.00 in June.
The White House and the DoE did not immediately respond to requests for comment about the talks with energy companies.
In May, the DoE said it would launch bids late this year for a buy-back of about one third of the 180 million barrel sale. It suggested then that deliveries would be linked to lower oil prices and lower demand, likely after fiscal year 2023, which ends September 30 next year. Two sources said the buy-backs could continue through 2025.
Biden officials in recent months also urged oil refiners including Exxon Mobil Chevron and Valero to not increase exports of fuel and warned them it could take actions if plants do not build inventories. The administration has not taken a potential ban of gasoline and diesel exports off the table although opponents of such a move say it could exacerbate Europe's energy crisis and raise fuel prices at home.
Yep. This is the key. I posted sometime back that Brandon has to stop when SPR inventory reaches 315 million barrels, per SPR secured stocks, At that point in time of posting, considering the 180 mb of Mar/Oct and the 10 mb of Nov, Brandon had access to an additional 71 mb (that's including the 26 mb Congress allowed to sell in 2023). I didn't think he would go after that additional 71 mb, and I'm not convinced he will. You are correct, "They are playing chicken with an 18-wheeler and not only do they have Americans in the car with them, but families in Europe as well." If Brandon puts more SPR in the market, OPEC+ will cut production. If Brandon stops the exportation of refined products, the industry can't store the inventory levels produced from "optimal" production plus use from normal demand; thereby, a situation is created to operate sub-optimal and less refined products will be produced in this country and prices will go up. Supply chains and distribution will be jacked-up throughout this country. Radical liberals destroy everything they touch. As for XOM, CVX and OXY - Brandon cant stop them and OPEC+ is going to take Brandon to the woodshed again....all because of Green Energy.Bob Knights Liver said:
Depends on your timeline. Basically they are saying they'll continue bleeding the SPR through the election day and then stop just after and immediately begin buying back. So oil prices are planned to rise just after mid terms, during heating oil season, and in a winter where Europe will need all they can get due to the Russia mess. They are playing chicken with an 18-wheeler and not only do they have Americans in the car with them, but families in Europe as well. This could get really, really ugly here and abroad, and they are already setting the stage to try to hang it on domestic E&P companies. However, with high prices we could see E&P stocks run starting in November.
$30,000 Millionaire said:
I don't know what force is driving the market. I don't get this.
I'm not going to fight it but I'm not looking to add longs here.
BlueTaze said:
Saw Bidens econ guy boasting about how the SPR is still half full, but not to ease concerns over depleting emergency supply. Instead he was basically mentioning how there is more room to deplete further.
The only thing keeping me from going all in on oil thru EOY is my already big RIG position and fact that everyone else is bullish oil.
Good point. Might have been less expensive to rally an equities market versus paying a $1.35 to $2.0 trillion margin call.Philip J Fry said:
Bank of England propping the market up?
Shorts covering?
Irrational exuberance?
$SPY Flow is BULLISH?! That's a first 👀 pic.twitter.com/3gs6xetY6U
— Cheddar Flow (@CheddarFlow) October 18, 2022
Philip J Fry said:
How do we know if we are in a short squeeze or not?
Philip J Fry said:
Bank of England propping the market up?
Shorts covering?
Irrational exuberance?
Philip J Fry said:
How do we know if we are in a short squeeze or not?
When the FED has tripled down on raising rates, the 10-year is holding firm and rising (and is 50bps minimum below where it will be after the next raise), the president is releasing strategic reserves and admitting he will stop releasing and start refilling after mid terms, and despite continually rising inflation and cost of goods, the media is still telling you to expect a pivot and soft landing. All the while the S&P sits below a falling trendline that happens to line up with multiple indicators that will push it downward at the same time.Philip J Fry said:
How do we know if we are in a short squeeze or not?