Quote from: RE on Jun 17, 2026, 12:38 AM
What is much more likely is that Demand Destruction is beginning to set in, growth has slowed to a snail's pace and a recession is now being priced in to the futures trade. Oil is selling at $74 because they're not finding enough buyers even for the restricted amounts now currently available at prices of $80 and up, so they have to lower the price. This also why they are slow to invest in drilling new wells and ramping up production. The price won't crank back up until real physical shortages start appearing in markets that can afford to pay the high prices, like the FSoA. Supply & Demand. This is still a ways off. How long? Maybe our resident expert can make a world class analysis. Ideally, skyrocketing prices and physical shortages will show up in October, a month before the elections. That would seal Chump's fate, if the elections aren't rigged or cancelled.
RE
You heard it here first, as usual! 😀
IEA Sees First Annual Oil Demand Drop Since 2020
The IEA expects global oil demand to fall by 1 million barrels per day this year versus last year, the first annual decline since 2020. Disruptions linked to the Israel-Iran conflict and the closure of the Strait of Hormuz have sharply constrained Persian Gulf exports. The IEA has cut its Russian supply outlook for this year and next by 85,000 and 150,000 barrels per day, respectively, amid ongoing drone attacks on energy infrastructure
"Demand" Stats are a lot like measurements of Unemployment. The people who want to buy it are no longer in the workforce being measured. If you stop buying it because you can't afford it, you no longer are considered part of the demand for oil. Makes sense, right? lol.
RE