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| Economy |
| Did Oil Peak on June 9 |
| 2022-06-21 |
| [TradingEconomics] WTI crude futures fluctuated around $109 per barrel on Monday, remaining close to their lowest in nearly five weeks [hit $123/bar on June 9] as concerns about slowing global economic growth and fuel demand more than offset expectations of higher near-term consumption and ongoing supply issues. The US oil benchmark tumbled almost 7% just on Friday as worries about the economic fallout from higher interest rates rattled financial markets. Last week, the Federal Reserve led a global wave of monetary tightening by raising its benchmark rate by 75 basis points to combat surging inflation, stoking fears of a possible recession. Meanwhile, US Energy Secretary Jennifer Granholm warned of a continued upward pull on demand over the weekend, and the likelihood of sustained high gasoline prices. Ongoing supply disruptions caused by the war in Ukraine and unrest in Libya, as well as OPEC's failure to pump more oil also continued to support crude prices. All the futures have also declined since June 9, e.g., Dec 2022 WTI is at about $100/bar. It would be at least $10/bar lower except that storage of both gasoline and crude is running about 10% less than average. |
| Posted by:Lord Garth |
| #7 Well, until they decide to actually start treating us in the industry as human instead of subscribing to the power-mad-dictator-of-the-month-club, I don't think oil will finish peaking. I don't think they'll be able to "recession" their way out of massive oil and commodity price increases. The economy will shrink faster than they can shrink the money supply. |
| Posted by: Thing From Snowy Mountain 2022-06-21 12:34 |
| #6 Oil company stocks have been falling faster than the overall market recently; investors seem to think prices have peaked, probably because demand has peaked as the recession begins. |
| Posted by: Glenmore 2022-06-21 09:55 |
| #5 Invert the chart |
| Posted by: Skidmark 2022-06-21 09:35 |
| #4 /\ I'll go out on a limb and say.... nothing good will come of this "bounce." |
| Posted by: Besoeker 2022-06-21 08:10 |
| #3 Oil and etc. just bounced UP again. Note: Prices listed come with "automated delay quote" WTI Crude 111.20 +1.64 +1.5% Natural Gas* 6.642 -0.284 -4.09% Heating Oil 4.453 +0.113 +2.61% Gasoline* 3.923 +0.130 +3.41% Ethanol* 2.160 +0.000 +0.00% *= wholesale/distributor costs |
| Posted by: NN2N1 2022-06-21 08:08 |
| #2 Peak? No, it's just breathing heavy. |
| Posted by: Rob Crawford 2022-06-21 06:57 |
| #1 ...Prices here have dropped about 15-20 cents a gallon, and in other parts of town they're headed back under $4. I fear, however, that we may find but temporary solace before something else smacks us in the head. Mike |
| Posted by: Mike Kozlowski 2022-06-21 04:54 |