#oil #crudeoil #oilprices
Bloomberg Intelligence Commodity Strategist Mike McGlone joins Yahoo Finance Live anchor Brian Cheung and to discuss the impact of inflation on oil and gas, President Biden’s plead to Congress for a 3-month gas tax suspension, and the outlook for commodities.
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21 Comments
Oil could go negative a couple years into this depression.
This guy is clueless.. he is a bear for the last 2 years. Dumb as a nail.
Throw politics into it. Screw elections take care of people.
It would take oil at 50 bux a barrel 2 years to recover what peeps pay these days. And it will stay above 110 for awhile. Hurricane season is here folks. Its all about supply n demand. Lets Go Brandon
No chance going back down
Great probing questions by the interviewer. Everybody saying oil is going to the moon. Except this guy. Always good to test a new hypothesis against your world view.
Yes, the machines are real good at moving at lightning speed. That's why we're seeing such near vertical moves.
China could end lockdown tomorrow and the oil demand situation flips over.
Huh the pipeline? Why not ask the producerd like Exxon to start drilling Estein
The price of oil currently is driven by corrupt speculators with the money to move the oil market. Macro economic conditions do not change overnight. It actually takes months for oil demand to rise or fall significantly. When the pandemic arrived the market moving speculators had oil valued effectively at zero. No one was going to drive or need oil when locked down. That was horse hooey then & this is more of the same now. When the market manipulators are behind bars, we will have more honest stable markets.
So prices are heading lower because…. did supply increase or is global GDP nose diving?
Very little new oil being developed equals shortfalls in the future .
This guy is full of crap. I guess fundamentals don't count. These talking heads make suggestions to support their own interests. Underinvestment has left us in an energy crunch for a long while. I'm guessing he's short the sector, and happy to lie on camera to peddle influence.
Bloomberg and JP Morgan have been calling for $60 WTI. But now JPM moved it up to $80s now. Let’s see.
I listened to this hoping he would mention what indicators he's talking about. Inventories keep dropping if you include SPR. If you ask me the pullback is not at all related to the supply and demand. The pullback with general equities makes sense, but I don't see anything fundamental here, at least not yet.
Pump and dump is real. Hurrah! Gas will come down soon.
Re: Mike McGlone's Put On Crude
backwardation holding and expanding.
slower growth equates to even tighter production.
short lived lite recession forecasted ahead.
job market stable & strong
no signs of demand destruction.
refinery margins off the charts and will slightly moderate inward.
OPEC + keeps supply very tight.
a prolonged average of $125.00 needed to rebalance supply.
Regards –
You can’t lower demand on FOOD AND GAS people need these things for the most part lol
Biden want to suspend gas tax? That will boost demand, is not it? And that will raise prices.
That is a great help for Ukraine and Europe, which risks their whole economy for the sanctions.
What a crock of shite regarding the keystone pipeline. That was Canadian tar sands oil of the poorest quality that wasn’t even meant for the US market. It was a pipeline to export the oil to southern US ports to ship overseas. I’m so tired of these so called experts that don’t do their due diligence before spreading blatant misinformation.
Cutting the Keystone pipeline did not cause our high fuel prices. Gas is high worldwide, and the US has much cheaper gasoline than other countries.