ES Journal - 2019/2020
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west Houston/Katy
$1.599 in PA and we have the highest gas tax in the nation (though Cali may have recently raised above us).
yeah, that is low for you...I can't remember for sure, but thinking we are even lower than 98-2000..
It’s all Fed induced liquidity at the most critical price points... like 2633 Resist... PPT stepped in to push us well over that likely retrace point... Now we’re facing the 50% fib on the overall move @ 2785-95, which I’ve been patiently waiting for since swing lo of 2174 was established ... Sentiment can and does swing on a dime... anticipating this to push us down from here.. perhaps another slight push North tonight!
This is by far and away the goto website for all things covid-19.
It updates every 10 minutes and the level of data available is amazing.
https://www.domo.com/covid19/daily-pulse#overview
It updates every 10 minutes and the level of data available is amazing.
https://www.domo.com/covid19/daily-pulse#overview
Wow....east coast is $2.50 - Sunoco. Guess we are still refining that old, expensive oil
Crude oil prices (CL) last Thursday went bonkers with a 25% range in price from $28+ to $22.57....$22.76 was the close. Both OPEC and the G2 oil ministers had emergency meetings last week:
https://www.opec.org/opec_web/en/press_room/5882.htm
https://g20.org/en/media/Documents/G20_Extraordinary Energy Ministers Meeting_Statement_EN_v1.pdf
The big question is: will the supply cut-backs be enough to counter the waning demand ? There are a lot of opinions out there. Some say cut-backs of 20 million barrels per day are needed to stabilize prices....which is double what OPEC is looking for initially.
One thing that most analysts agree upon is that inventory levels are reaching their maximum with both onshore and offshore facilities saturated with oil. Even our own strategic petroleum reserve (SPR) has only 150 million barrels remaining....good for only 60 days at 2.5 million barrels per day.
Price targets are all over the place from the mid-20's to the teens and even single digits ! Shale oil is not even close to turning a profit at these levels.
Here are some supporting links:
https://www.cnbc.com/2020/04/09/the...the-g-20-meetings-over-the-next-48-hours.html
https://www.npr.org/2020/03/20/818457109/were-barreling-toward-an-epic-glut-of-oil
https://www.barchart.com/futures/quotes/CL*0/technical-chart
https://www.opec.org/opec_web/en/press_room/5882.htm
https://g20.org/en/media/Documents/G20_Extraordinary Energy Ministers Meeting_Statement_EN_v1.pdf
The big question is: will the supply cut-backs be enough to counter the waning demand ? There are a lot of opinions out there. Some say cut-backs of 20 million barrels per day are needed to stabilize prices....which is double what OPEC is looking for initially.
One thing that most analysts agree upon is that inventory levels are reaching their maximum with both onshore and offshore facilities saturated with oil. Even our own strategic petroleum reserve (SPR) has only 150 million barrels remaining....good for only 60 days at 2.5 million barrels per day.
Price targets are all over the place from the mid-20's to the teens and even single digits ! Shale oil is not even close to turning a profit at these levels.
Here are some supporting links:
https://www.cnbc.com/2020/04/09/the...the-g-20-meetings-over-the-next-48-hours.html
https://www.npr.org/2020/03/20/818457109/were-barreling-toward-an-epic-glut-of-oil
https://www.barchart.com/futures/quotes/CL*0/technical-chart
The mkt's trying desperately to put the virus news in the background to a degree. The mkt will try to say the bad earnings and the terrible forecasts are a 2 qtr deal and we'll be back to normal by oct. The greatest black swan since 1918 and everyone wants it to be over after a month.
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