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Unfortunately a poster has banned me posting to any of his threads, so my "oil price discussions" will be here for the time being.
Below is the past month's price action for WTI crude (via CFDs) - 2-hourly - and as you can see the uptrend is solid, although a tad overstretched:
[ATTACH=full]142519[/ATTACH]

At the end of this post I have attached a chart showing the correlation with Brent crude, which today has Brent less than a dollar higher :
[ATTACH=full]142521[/ATTACH]

Interestingly, we see no additional rigs added to the US count for the week, but 17 were added to Canadian oil patches with 3 gas rigs withdrawn:
[ATTACH=full]142522[/ATTACH]
It's hard to contemplate why, with sustained high oil prices, American drillers are not clamouring back for a quick million bucks or more.
Off topic, gas prices are another thing, and so is refining capacity. When these jigsaw pieces are put together, along with America's present "driving season," Russia's declining oil output, and Europe's transition away from Russian supply chains, then prices are destined to go higher still.
Although OPEC+ did agree yesterday to add about 680k bpd, the market digested the news and finally worked out it was inadequate:
[MEDIA=youtube]clC7f9ApBjk[/MEDIA]

<blockquote data-quote="rederob" data-source="post: 1178992" data-attributes="member: 2837">Unfortunately a poster has banned me posting to any of his threads, so my &quot;oil price discussions&quot; will be here for the time being.Below is the past month&#039;s price action for WTI crude (via CFDs) - 2-hourly - and as you can see the uptrend is solid, although a tad overstretched:[ATTACH=full]142519[/ATTACH]At the end of this post I have attached a chart showing the correlation with Brent crude, which today has Brent less than a dollar higher :[ATTACH=full]142521[/ATTACH]Interestingly, we see no additional rigs added to the US count for the week, but 17 were added to Canadian oil patches with 3 gas rigs withdrawn:[ATTACH=full]142522[/ATTACH]It&#039;s hard to contemplate why, with sustained high oil prices, American drillers are not clamouring back for a quick million bucks or more.Off topic, gas prices are another thing, and so is refining capacity.&nbsp; When these jigsaw pieces are put together, along with America&#039;s present &quot;driving season,&quot; Russia&#039;s declining oil output, and Europe&#039;s transition away from Russian supply chains, then prices are destined to go higher still.Although OPEC+ did agree yesterday to add about 680k bpd, the market digested the news and finally worked out it was inadequate:[MEDIA=youtube]clC7f9ApBjk[/MEDIA]</blockquote>

[QUOTE="rederob, post: 1178992, member: 2837"] Unfortunately a poster has banned me posting to any of his threads, so my "oil price discussions" will be here for the time being. Below is the past month's price action for WTI crude (via CFDs) - 2-hourly - and as you can see the uptrend is solid, although a tad overstretched: [ATTACH type="full"]142519[/ATTACH] At the end of this post I have attached a chart showing the correlation with Brent crude, which today has Brent less than a dollar higher : [ATTACH type="full"]142521[/ATTACH] Interestingly, we see no additional rigs added to the US count for the week, but 17 were added to Canadian oil patches with 3 gas rigs withdrawn: [ATTACH type="full" width="972px"]142522[/ATTACH] It's hard to contemplate why, with sustained high oil prices, American drillers are not clamouring back for a quick million bucks or more. Off topic, gas prices are another thing, and so is refining capacity. When these jigsaw pieces are put together, along with America's present "driving season," Russia's declining oil output, and Europe's transition away from Russian supply chains, then prices are destined to go higher still. Although OPEC+ did agree yesterday to add about 680k bpd, the market digested the news and finally worked out it was inadequate: [MEDIA=youtube]clC7f9ApBjk[/MEDIA] [/QUOTE]

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