What they said. bloomberg.com/news/articles/…

This major point is lost on most investors: when it comes to oil demand growth, OECD demand, the "haves" as arjun⚡️murti calls them, has been flat for a decade! ALL of the growth comes from the rest of the world. Why? They consume on average only 3 barrels a year versus 13 for

Global oil inventories are at their lowest seasonal levels in recorded history. This is in spite of absorbing ~216MM net barrels from the US Strategic Political Reserve (SPR) and weak Chinese demand. This is not bearish.

"What you do speaks so loudly I cannot hear what you are saying." -Ralph Waldo Emerson

A major positive milestone a decade in the making...hugely beneficial for all Canadian natural gas producers.

US shale production has been FLAT for the past 8 months (!), yet any day oil is down we hear of "record high" and "surging" US production...I don't get it. The era of US shale hyper growth is over, and OPEC is in the driver's seat going forward.

Oil price hitting its lowest level YTD while global oil inventories hit their lowest levels...as far back as Kpler dataset goes. Amazing.

"Preemptive, proactive, and precautionary"...OPEC+(and 8 members of the voluntary cut) showing that they will not "push" barrels onto the market. Good for Q4 and 2025 balances. With improved compliance from Iraq I think draws in Q4 will surprise most.

Widening deficits to normal levels for both oil and "Big 3" are NOT bearish...in stark contrast to the now overwhelmingly horrible sentiment.

Lower 48 production has been flat for the past 8 months and Rystad forecasts L48 production to be ~ flat for the next 9 months = zero YOY growth by Nov'24. The narratives of "surging" US production, efficiency gains, and OPEC losing market share to shale we believe are FALSE.

While the market remains in "I'll see it when I believe it" mode, recent messaging out of Iraq suggests seriousness in abiding to penalty cuts. If successful, and I am imagining intense pressure is being applied to abide to their agreement, the return of voluntary cuts through

Why did the members of the voluntary cut postpone returning barrels and why do we believe the oil market is overly bearish? My thoughts: bnnbloomberg.ca/video/shows/tr…

View from the trenches: buy orders taking 5 seconds to get filled, every broker report is now negative spewing the exact same thing (weak China, US recession (?), Saudi losing control), and watching months of effort vanish in days. We're firmly stuck in a negative feedback loop