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W&T Offshore

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Oil looks like it is on its way to see some new lows. I guess that barrel cut didn’t do much to wti
Yea, if you want to end up like that reporter, by all means go ahead. Also ironic the article for source is from WSJ, as they're banned from participating this time's OPEC meeting. I don't know the beef between WSJ and Saudis, but I do know that the Saudi particularly hates Reuters (who also have been banned). Something to do with misinformation on the Reuters end etc, honestly I'm not surprised. Probably the reporter threw in some speculation/opinion that didn't sit well with the Saudi. He better watch out if he continues to publish anymore, might find himself in a Khashoggi situation. Serious: Shorts does make sense, but I'm sure there will be some cuts. Because, if there is no cuts, WTI crude will crash beyond craziness, cause it shows that the Saudi's are paper tigers. So I expect unless OPEC to do some trimming. If they trim 1m barrel, I'd say just buy puts on oil stocks or etf's for short term and close em after. Why? Because I don't see oil dropping too much. Now unless OPEC does something crazy and gets OPEC to cut 2-3m barrel of oil then buying puts or shorting it would be crazy. But, that'd be dumb and improbable.
>U.S. WTI CRUDE OIL FUTURES RISE $1 TO $71.10/BBL ^\*Walter ^Bloomberg ^[@DeItaone]( ^at ^2023-06-02 ^04:56:28 ^EDT-0400
>Oils update: Oil - WTI (AUG) 70.57 +0.53% Oil - WTI (SEP) 70.38 +0.5% Oil - Brent (NOV) 73.99 +0.53% Oil - Brent (DEC) 73.66 +0.5% Gasoline 2.4378 +0.3% London Gas Oil 683 +0.37% \#Oil \#Brent \#WTI \#OOTT ^IGSquawk ^[@IGSquawk]( ^at ^2023-06-01 ^23:23:25 ^EDT-0400
Oil why tho? Wti ⬆️ 4% on debt ceiling?
>1. The Saudi's have been clear they will be cutting in June, which is bullish for oil prices. 2. However, China's slowing economy and disappointing PMI data are bearish factors that could offset the Saudi cuts. 3. WTI futures have shifted back into contango, which risks more macro investor selling and puts downward pressure on prices.
To be fair WTI going down is partially because of the embargo and oil sanctions on Russia by EU/US/NATO nations finally taking its toll. Also China's recovery being extremely sluggish is what's contributing to WTI going down. However, I suspect that it'll rebound sometime into the summer. Or potentially OPEC does something crazy and it motivates the US to pass that Nopec bill and in return OPEC retaliates by not selling oil to US/Western nations. Causing a second era of stagflation.
WTI leaps?
- LEI in the gutter - GDI YoY verifying recession based on 75 years of data - WTI back in contango signaling demand destruction She's fucking incompetent
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