Oil market folks : slow down?

Any of you oil market gurus know what's up ? Been a lot of talk about oil industry slowing down . Well at least the refineries and customers have been cutting back. Lotta boats from different companies are getting tied up and just sitting around waiting for orders . Especially if there more niche products but even just the straight up cude oil boats are slowing down .I mean does slow up and pick up though the year but mid summer like this is usually like prime time

california is about to go gasless if they cant find a buyer for the valero refinery there. trump just got a trade deal with the EU which should lead to more exports of oil to there.

They are to buy900 billion in energy from the USA,ship out oil and LNG less for us to use, more profits going some place, energy production controls supply,and will lead to price increases for all that use it,supply, demand, cost its all control

We are over producing. The demand is not there. Some is the fact the economy / prices are hurting the consumer causing them to travel less. Interest rates are also causing a slowdown in the economy.

Hmmm interesting

We may also see a significant housing crash. Its almost an inverted bubble. We still need more housing but we're at the point that everyone that can afford one has bought one. So the demand may be about to crash which will lead to a loss in value, loss in equity and leverage.

I've been keeping on eye on the stock price of lumber company Boise Cascade and it's not looking good.

OPEC added barrels to the market

The European Union just committed to buy $750 billion in LNG. That should help with oversupply.

The deal calls for $250 billion per year for the first 3 years. Last year the EU purchased 65 billion worth of the 3 sources from the USA. Sure it will go up but to go up 400% per year is dilutional for both sides. If it turns out like the $200 billion dollar energy with China that amounted to even less then what was being purchased in 2017 it will be just a chest thumping and hype deal. I doubt we even have the infrastructure to increase the amounts by 400% lest alone have the EU buy 85% of these 3 sources just from the USA. There is an oil and energy surplus currently and I don't see the Saudis or other low cost energy producing nations cutting back much if at all.

Bryce

OPEC increased production ! This administration tends to not thumb their nose at the Saudi Prince .

Bought gas in Iowa at $2.64 ,filled up today in MN at $2.75 !

Media told us for years that Presidents can’t affect gas prices. A good one can !

If I remember right Nixon and Killinger made a deal with OPEC in the early 1970's to buy their oil and slow our own production.
The deal I remember was that OPEC would pay 20% of their profits toward lowering our national debt!
There's a lot we have no idea that's going on.
As far as housing, it's not hard to figure out how the inflation had a lot to do with it.
Funny that certain landlords , sold all their rental properties during the last administration .
Sad that those who bought them, found out the price of housing in going down now .
Open for any ideas?

Gas is $3.50 here. He hasn't affected ours at all, approximately same price for a year.

But I want to believe this will happen. So it is written, so it shall be done. I like extra corn on my B.S. sandwiches.

"Putting together the value of all three energy( oil, natural gas, coal total u.s. exports) commodities gives a total of $165.8 billion, meaning that even if the EU bought the entire volume it would still fall well short of the $250 billion.
The scale of the delusion probably exceeds what Trump and China agreed in their so-called Phase 1 trade deal in December 2019, under which China was supposed to buy $200 billion of additional U.S. energy by the end of 2021.
The reality is that China never even came close to buying that level, and its imports of U.S. energy didn't even reach what they were before Trump launched his first trade war in 2017."

Reuters

Command economies.

Might be time to unleash a little more freedom on the Middle East

Saudis can produce a barrel of oil for less then $6 per barrel and Iraq is about $10. With our average cost about near 50 dollars we don't need to get into a oil war with them. We would all love to pay $2 per gallon for gas but a lot of USA wells and sand oil mining would be idled to do that.

Bryce

It wasn't to lower the national debt. It was to purchase US debt aka treasuries

We are oil and gas producers.
We want to cut or stop production to reduce supply and increase demand which would raise the price. Why should we sell a finite product at 2/3 of its value?
Consumers want oil at $60. Producers want oil at $90. We could all live with oil at $75.

…. Roger that

… carry on