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President Biden took another jab at Big Oil yesterday, taking aim at a record $30 billion in combined industry earnings this quarter.He threatened higher taxes on oil companies should they fail to work to lower consumer gas prices.Americans continue to face high prices at the pump - $.3.75 a gallon on average nationwide – despite the Department of Energy releasing millions of barrels of oil from the Strategic Petroleum Reserve.
Oil prices spiked nearly 4% overnight after the United States killed Iran’s top general, Qasem Soleimani.
But that’s just the start if Soleimani’s death leads to a larger conflict between the United States and Iran.
We’re forecasting that oil prices could double.
But it won’t happen automatically.
Energy abundance - from multiple sources - is about to unlock staggering gains for investors.
But if you just "play the majors," you may find yourself with less than your fair share.
With a few rare exceptions, the windfall profits in the months ahead will be reserved for a handful of small niche companies poised to become the biggest winners as energy truly goes global.
Make no mistake: You will make more money in energy investments over the next several years than in any other sector and during any other period in your lifetime.
And now you won't have to fret over what this new market means, what elements are driving it, or what to invest in.
The biggest news this week was a spike in crude prices after the attack on Saudi Arabia's oil facility.
As is usually the case, such things are temporary.
Oil prices retreated when the market learned that Saudi oil would be back to full capacity in a few short weeks if that.
Crude prices gained more than 10% on the news and surrendered most of that shortly after.
A potential conflict between Iran and the United States is brewing, and the world’s fifth- largest oil producer could see its oil exports crushed.
And Iran sanctions could send oil prices rising in a hurry. We’ll show you exactly what to expect, including how you can make money off of the price action.
Money Morning Global Energy Strategist Dr. Kent Moors recently shared his 2019 crude oil price prediction with his readers.
While his paid-up subscribers got to see it months ago, it’s too important to ignore.
On Dec. 3, a week-long rumor finally saw the light of day.
I had heard it prior to my departure for Singapore last week, and it had at the time been the substance of some talk on its potential importance – if true – during our meetings.
Well, it is no longer just a rumor.
On Monday morning, Qatari Energy Minister Saad Sherida al-Kaabi announced that the Persian Gulf state was leaving OPEC, effective Jan. 1, 2019.
Qatar is a minor oil producer, averaging some 600,000 barrels a day, putting it at the bottom of the OPEC ladder along with Ecuador.
However, it is a major natural gas producer and the world's leading exporter of liquefied natural gas (LNG).
But there is a more important reason why Qatar leaving OPEC is likely to shift the regional tensions into a higher gear.
And it's not about oil.
Here in Singapore, things influencing the oil world continue to make themselves clearer.
Recently, the oil market has been slammed with a tidal wave of volatility, and back a few weeks ago we had the largest drop in oil prices since 2015.
However, since I've been attending meetings here at OSEA 2018 in Singapore, one signal that the implosion in oil prices is nearing its end has surfaced.
In each of the last several downward cycles in the price of both daily pegged benchmarks (West Texas Intermediate in New York and Brent in London), a divergence has emerged prior to the recovery of pricking levels.
That divergence has begun over the past few trading sessions.
It amounts to a recovery in the market prices of crude oil and natural gas production companies while the underlying price of oil continues to move downward, and it has already become a topic of conversation here in Singapore.
From the floor, the issue even made its way into my plenary address before the OSEA 2018 conference.
Just when oil investors thought the worst was over and oil prices were on an upward trajectory, they were hit with the 2018 oil crash.
And it may not be over, as oil continues to stumble.
Crude oil prices are rising again.
Much to the relief of oil investors.
The rise has been reflected both by the West Texas Intermediate, the benchmark used for futures contracts set on New York, and Brent, the equivalent set daily in London.
As of close of trade Sept. 19 – which happened at 2:30 for oil – WTI was at $71.12 a barrel, the highest since July 10. Meanwhile, Brent closed slightly higher at $79.23.
I have previously addressed the main reasons for why the price is moving up here in Oil and Energy Investor, and for some time now, the supply side of the market balance has been tightening.
Thanks to this, there is something interesting stirring in the oil sector – something that manifested in a recommendation to my Energy Inner Circle premium subscribers just a couple days ago.
The primary summer driving season is over, and Labor Day, the last vacation weekend of the season, is fast approaching.
Travelers are winding down their end-of-summer vacation plans as we head into the autumn, and traffic between cities is lightening.
Normally, this time of year produces a decline in retail gasoline prices as the driving season ends and autumn and winter hibernation begins. And refineries are already switching primary production cuts from retail gasoline to produce more low-sulfur heating oil for the upcoming colder months.
In this 2018 season, the expected adjustment downward is not kicking in as in years past.
So, why are we witnessing an unusual increase in costs at the pump?
We've seen the term "disruption" everywhere in the media for the past few years.
Ride-sharing company Uber disrupted the taxi industry. Amazon.com Inc. disrupted most of retail and moved into groceries and streaming services. And when you think about it, Ford Motor Co. disrupted personal transportation a century ago when it replaced the horse and buggy with motor cars.