Oil and refined products report of July 8, 2022

[aja8888]

An easy to read summary report that gives you current info on the status of hydrocarbon reserves (U.S.) and world news. Note that the graphs really tell the story.

https://oilprice.com/Energy/Energy-General/Oil-Prices-Bounce-Back-From-Shocking-Collapse.html

Friday, July 8th, 2022

Tuesday’s oil price collapse might go down as one of the most memorable moments of the oil market’s tumultuous year of 2022. Despite being the third-largest daily loss since the onset of oil exchanges, declining crude did not trigger any changes along the futures curve, implying that the huge drop was primarily coming from widespread profit-taking as primarily non-physical participants panicked at the prospect of recession hitting the markets sooner than expected. The balances, however, do not lie – we are still living in times of extremely tight supply and even though it might take some time, the physical side of the equation will push prices back soon.

 

[Car-Guy]

^^^^^ Excellent source of timely info about the oil industry. Personally it's on my daily sites to visit.