US Oil Producers Fail to Produce

[Furryrat]

Stock market extended it's recovery, while oil saw a significant drop down to $115 a barrel following Powell's announced it's 75 basis point increase of the benchmark interest rate. Meanwhile, Biden announced a further stabilization of the domestic oil situation with further organized SPR releases. Less liquidity in the market and the price of oil suffers as traders are forced to pare increase costs for their unscrupulous trades. Odds of a recession? Up. Stagflation? Our current way of life as a result of a /very/ healthy jobs market, combined with wage growth and inflation resulting energy prices getting retarded due to Putin's invasion of Ukraine.

Just gotta quote this for later.

Seriously! It's like a puzzle, I love to hate that I love puzzles.

Key takeaways that demonstrate a complete lack of understanding:

1 - This is not a lemonade stand on the corner of Main and Elm. Benchmark futures and derivatives are time-based and anticipatory.
2 - The IEA requires the US to keep 90 days imports worth of reserves in the SPR. Any over-release must be repurchased on the open market AT MARKET PRICE.
3 - Wage growth and low unemployment IS INFLATION. The Fed is literally by mandate now forced to adopt policy to INCREASE unemployment.

If you carry credit card balances or have an ARM, money evaporated today!