Brent closed at around $108 on Thursday.
Since then, we've had increased aggression in addition to all kinds of threats from the U.S, with Iran ignoring them completely.
Overnight trading opened, Brent won a couple of % then lost them right away, and is trading at around $108.
I don't understand at all. Can someone explain?
I don't get it. Why did the price of oil basically not move despite everything?
byu/Hopeful-Internal-919 inoil
Posted by Hopeful-Internal-919
10 Comments
Retardation. Oil should be at $150+ even on paper and markets down 30%, and I mean now.
Firstly – it’s low volume at this time of day – don’t overthink it- it’s the easiest time of day to manipulate the price (the Japanese government have flagged that they will short Crude). The opening action was very bullish up to $115 WTI.
Second – there is some additional tanker movement out of the strait, and signalling from Iran that Iraqi oil may start moving more freely (keep in mind that their production is heavily disrupted though)
Wti crude shot up last week after trump’s speech, now higher than Brent. Physical barrels are being sold for greater than $140/barrel.
Because there’s a glut of oil.
If strait of hormuz didn’t happen oil would be breaching 50 by now.
It’s why Saudi had to cancel the line project.
It did. And then trump tweeted some dumb shit 12 or so hours ago.
This guy just posted in another thread the same question
Pretty sure it also has to do with the continued release of G7 oil reserves. Which is basically acting as a price volatility damper.( price spikes less but oil prices will remain higher even after production resumes normally) not to sure how much longer that will keep up though as reserves are not bottomless
I think it needs to cool off a bit after such a hot week last week. Also, there’s a rumor going around of ceasefire talks. Axios just released an article on it about an hour ago. I personally don’t buy it.
Cry wolf too many times
Rumor that US/Iran discussing 45 day ceasefire.