I don't buy this narrative about oil going down.
Short term de-stocking by the market because of reduced refining margins in China right now seems the likely cause, but looking at the data, gasoline and jet fuel consumption in China is strongly up in the last few months as they slowly recover post covid. Another possible cause is OPEC cheating by Iran and Nigeria of about 1.1 mbpd vs Saudi reduction of 1 mbpd.
Saudi unlikely to let this continue given their high domestic expenditure in the next 20 years.
Anyhow, WDS daily RSI is at its lowest since April 2020 (Covid) and currently yielding 7.7% fully franked.
Stretching rubber bands to breaking point come to mind.
I don't buy this narrative about oil going down. Short term...
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Last
$29.26 |
Change
0.030(0.10%) |
Mkt cap ! $55.55B | |||
| Open | High | Low | Value | Volume |
| $29.25 | $29.37 | $29.14 | $82.84M | 2.833M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 30080 | $29.25 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $29.27 | 1356 | 2 |
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| Last trade - 16.10pm 05/07/2024 (20 minute delay) ? |
| WDS (ASX) Chart |