Yaphet N

The market will likely continue to over appreciate the momentum created by this agreement. We are in for a crude awakening……

And we’re back…..

Scared money don't make money

Oil is dangerously close to setting off the new Trump circuit breakers of 0.5%.

And just like that, other countries will follow suit

@Rory_Johnston Even so, inbound ships are still going to be very reluctant to enter the Strait especially considering the unresolved issue of mines

Bloomberg: Kuwait has started ramping oil production and plans to reach 2 million barrels a day of output within a week, according to the Kuwait Petroleum Corp CEO. Back in March he said it would take 3-4 months. That's *way* faster than expected, here's where we're starting:

@RamblingCuradh Buying will likely start accelerating in the second half of this year and beginning of next. The cost of inaction is simply too high for these govs imo

@yaphetneb Okay thought we were talking retail and institutions. Yes countries are going to be vulnerable in the short term and will start buying as oil dips medium maybe long term. I wouldn’t anticipate any of them rushing though, goverments are famous for waiting too long lmao

The draining of reserves is only the beginning………. not sure why oil bears are celebrating

To be fair, $150 crude would have been the reality soon enough. There’s only so much demand destruction we can expect from China.

Ohhh to be an oil refiner………

@RamblingCuradh Countries are vulnerable. We all just watched China practically insulate themselves after hoarding and building their inventories for years. Every country(especially Asia ex-China) will try to replicate that. They’re not going to gamble again on no more supply disruptions.

@yaphetneb Price is down? Nothing says anyone has to fill the reserves anytime soon either

@RamblingCuradh Why leave yourself vulnerable when stocks are already at multi-year lows? Why gamble on no more supply disruptions?

Excluding the SPR, US oil inventories have now fallen to multi - year lows

@MichaelLawlor13 Agree. More people need to familiarize themselves with what a “Memorandum of Understanding” is

@yaphetneb Iran will now play more games. Why wouldn't they?

@VIKINGMASS This is true.

@yaphetneb Price, mostly. Price is king, queen, judge, jury & executioner

@yoduvall x.com/zerohedge/stat…

@yaphetneb How much of the reserves have been drained?

Hey maybe Axios knows?

@MichaelPBento ...

Are we serious????

No it’s not. We all just watched China practically remain insulated through this crisis because of their stockpiles. After drawdowns for months, others will look to hoard and replicate this formula……