US and CANADA Shale oil & gas production with threats to use the SPR reserves will take energy prices down and no one can stop that decline, as it happened during the previous 4 years, from 2014. US & CANADA has more than enough shale and oil sands to produce another 3 million barrels of crude per day within 2 years. That increased production will put a permanent ceiling on world energy prices and result in intense competition among OPEC and non-OPEC producers for global market share, leading to the break-up of OPEC.
Summer Rally in progress....may not last long!
Posted 05 July 2018 - 09:40 AM
I'm for shale but I'm against fracking, pollutes the aquifer.
Posted 05 July 2018 - 10:21 AM
How has this turned into a discussion on OPEC and the supply of oil? Why is the price of oil being blamed for a failed rally? BTW, selling from the SPR was already done per the tax cut deal involving ANWR drilling.
Posted 05 July 2018 - 10:51 AM
I think ewave has a place but not very predictive, too many re-counts.
Posted 05 July 2018 - 12:45 PM
That was a strong rally off the lows, the key resistance zone is just ahead SPX 2040/45, ans support at the 50ma SPX 2721
Posted 05 July 2018 - 02:12 PM
Eager dip-buyers out in full force..... seems to be too easy, this buy-the-dip trade, similar to the dot com rally 18 years ago.