see you over on BRU then goro5, expect you will have some coin to splash from your SXY winnings. You sprung me, but I wasn’t trying to draw attention to BRU so wasn’t going to name it … if anyone is able to offer an impartial estimate of what 1TCF of conventional wet gas and/or say 50 mmbbls condensate should be valued at as contingent reserves and then as proven reserves, I would really appreciate it, as there is much debate over there... Just as a base case, testing doesn’t even start until next month, so no idea if 1TCF/50mmbbls is even close. Let me know here and I’ll pass it on or feel free to post over on BRU and take the credit
meanwhile… I can offer further bullish oil news and Sleepy Joe bashing Thanksgiving amusement
Turkey-a-Phobia. The Energy ReportOK, I will admit it! I have a fear of Thanksgiving. Not so much about being fearful of pilgrims or turkeys or even the Chicago Bears game, but a fear of the annual oil price massacre or the ghosts of Thanksgivings past.
Yes, I know. This year may be different. Biden’s big SPR release is already being laughed off by the market. Not only is the total amount of oil barely enough to cover a few hours of global demand, it is also because of the amount of high sulfur sour crude that will have hardly any impact on lowering the gas price and will most likely end up being exported to India and China. I also know that the global oil markets are still undersupplied by around 2.0 million barrels a day despite this stupid and futile effort to try to manipulate global oil prices and Biden’s sinking poll numbers.
Oil prices headed for US$100 despite U.S. efforts to release reserves- “It’s not going to work simply because the strategic petroleum reserve — any country’s strategic petroleum reserve is not there to try to manipulate price,” Stephen Schork, editor of the Schork Report, said Wednesday on CNBC’s
- Strategic petroleum reserves exist only to offset short-term, unexpected supply disruptions, he explained.
- “There’s a considerable amount of bets out there that we will see $100 a barrel oil,” Schork said, adding it could happen as early as the first quarter of next year
- It is a clear sign of desperation that this is the only tool in the box and it is not going to work. I do believe the market will call the U.S.’s bluff on this and we’re likely to see higher prices rather than lower prices one month from now,” Schork said.
- Eurasia Group analysts warned prior to Biden’s announcement that a large-scale stock release by oil consumers before the next OPEC+ meeting may prompt a countermove by the group, resulting in a “disruptive standoff.”
https://www.cnbc.com/2021/11/24/oil...e-us-efforts-to-release-reserves-analyst.htmlStephen Schork video:
https://www.cnbc.com/video/2021/11/...serves-is-pure-gimmick-the-schork-report.html
(20min delay)