Quote:
Originally Posted by MAXUM
And this does what exactly? The stuff is already here meaning it is already bought and paid for if the intent is to "hurt" the source.
Pulling it off the shelves only hurts the state which is going to sit on inventory it owns and now won't sell.
Maybe if we did something meaningful like stop importing oil from them and got back to producing our own that would make a bigger impact.
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We are 10 months ahead of production schedule estimates by the EIA, and the current estimate is for US production to be a new record for 2023. The industry executives have stated that it would be 2023, because though we will see higher daily production this summer, it will not offset the earlier months enough to create a record for this year.
Investors that buy futures contracts are very aware of the production, current storage levels, refinery demand, and demand for refined product.