Exxon Mobil's Senior VP Confirms What I Have Been Saying, The Market Is Protecting The Price Of Oil [View all]
Neil Chapman, Exxon Mobil Executive officer stated to investors, not to reporters, that the futures market has not priced in the damage that has been done to oil. 11 to 12 millions barrels of oil per day have been pulled out of a 100 million barrels a day market. Normally that would cause prices to go through the roof according to Chapman. Countries are releasing their strategic oil reserves to counter that loss, but come the 4th of July the shit will hit the fan according to Chapman - $150-$160 price of Brent crude oil. Strategic oil reserves are at shockingly low levels.
Time for Krasnov to declare that a peace deal is imminent and that Hormuz is about to reopen to give the market some talking points to keep oil prices low.
It fucking makes me laugh, when a Democrat is president and the refineries shut down to switch over their blends of gasoline, prices at the pump jump 40 - 50 cents/gal. Take 11 million gallons of oil a day out of the market for 3 months and according to the Krasnov administration the price of gasoline is about to crater.
The invisible hand of the market is not very invisible.
https://www.msn.com/en-us/money/markets/exxon-sounds-alarm-on-unheard-of-oil-problem/ar-AA24wcN4?
= new reply since forum marked as read