First up, the hardest working man in show business financial journalism:
THE WHITE HOUSE RISKS BLOWING THE GREATEST OIL TRADE EVER
— Joe Weisenthal (@TheStalwart) April 3, 2023
By not taking seriously the SPR refill it means:
1) Missing a chance to refill cheap
2) Letting OPEC manage the oil cycle
3) Undermining domestic producers
4) Wasting a powerful non-monetary tool to fight inflation pic.twitter.com/z8Hj9Wj2K4
And, as noted three months ago:
"White House Delays Refill Of Strategic Oil Reserve, Balks At "Too Expensive" Offers"
A couple weeks ago I was told that President Biden was the greatest oil trader of all time, trickier even than Marc Rich or the U.N.'s Oil-for-Food program. Now it looks like he hasn't closed out the position.
And as they teach in Junior Speculator School: "Don't spend the profits before you book them."
They really emphasize that....
April 2:
"'It's No Longer A Unipolar World' - OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut"
