Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: berniel who wrote (16527)	8/15/2023 4:59:33 PM
From: Kirk ©	1 Recommendation Recommended By berniel Respond to of 26766

Nice chart. Of course I like it because it agrees with what I said about demand outstripping supply. I think we'll be LUCKY to have have crude oil hold low $80s... Here is stupidfornia, they've indexed the gasoline taxes to inflation so I doubt we'll ever see gas sell under $4 again even if Trump wins and drill-baby-drills everywhere he's allowed. You sure wish people understood BASIC economics rather than break their arms patting themselves on the back (or their policies) for only half the story. EIA forecasts crude oil prices will increase through 2024 as demand rises above supply Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, July 2023 Note: WTI=West Texas Intermediate We forecast higher crude oil prices in the second half of 2023 and into 2024 in our latest Short-Term Energy Outlook (STEO) because of moderate but persistent inventory drawdowns. Inventory drawdowns take place when demand for a commodity is greater than the supply of that commodity. We expect production cuts from OPEC members and forecast higher petroleum consumption will lead to an average inventory drawdown of 0.4 million barrels per day (b/d) between July 2023 and the end of 2024. The forecast Brent crude oil price will increase to the mid-$80 per barrel range by the end of 2024, up from the June 2023 average of $75 per barrel. We forecast the West Texas Intermediate crude oil price will follow a similar path and maintain a discount to Brent of $5 per barrel.