The post Oil rises, as thousands of US troops set to head to Middle East first appeared on Garner Ted Armstrong Evangelistic Association.

You can’t keep up with all the details. We’re at war with Iran and they’re doing what they always do, making threats. But Donald Trump seems pleased with the way things are going. No signs of backing off. The Straits of Hormuz is a place that needs our attention. Who can forget all the claims and counterclaims, but these people don’t seem to care what the truth is. Remember Baghdad Bob?  

They’ll say anything, as I found out a long time ago. They’ll claim they’re winning with their last breath. It’s something to keep in mind as you’re reading about the war. Trump says we’ve wiped out all their missile capabilities, or almost all. You just have to hope for the best, but these people are liars.

Europe is trying to make their own deal, by negotiating passage through the straits. We, on the other hand, aren’t negotiating. The religious regime is putting on a brave face. I remember what brazen liars these people are. They don’t think they can be defeated.  Trump thinks otherwise.

The war in Ukraine has taken a back seat, but we haven’t changed our minds. Zelensky probably thinks he’s getting second billing.

The left disputes everything Trump says, but we seem to be winning. Hopefully, we know where all the missile silos are, and are taking care of them. There are already reports of dead American soldiers, but only a handful. I’m sure it doesn’t feel that way to the parents who’ve lost them. We appreciate the sacrifice, and they’ll get another chance. 

They’re shooting down missiles right and left in Israel, but aren’t you glad you’re not there.  

The left just keeps on coming, despite the scandals. They hate our President, because he’s doing the job they wouldn’t. When you look at the Biden era, what a difference! We need someone who’s on top of his game. President Donald Trump. He seems to care about us, and I recently saw a clip where he’s giving God all the credit. We hate that anyone is lost, but this is war!

The media is trying to scare us, but it’s not working. Oil prices are on the move, maybe that will do it. I doubt it. We understand that these things can’t be clean.

We’re living the good life in Texas, and I hope you are too. Donald Trump believes in God, and I’m sure he’s praying for a proper outcome. With God on your side, who can be against you? Certainly not these idiots, but they’re hardheaded. Talks can only take place once they admit they’ve been defeated.

We here in Tyler are preparing for company. The Holy Days are not far away, a couple of weeks, and if you can come see us, do.      

Mark

The post Weekly Update by Mark Armstrong – March 13, 2026 first appeared on Garner Ted Armstrong Evangelistic Association.

“The market remains well below its 55-Day Moving Average and 200DMA at 89.01 and 100.67, and with medium-term momentum declining and global growth concerns looming, we think further weakness is likely to follow. Brent is likely in due course to see further downside towards the 61.8% retracement at 63.02, where we would have higher confidence of a more stable floor and for a consolidation phase to emerge.”

Not everybody is that bearish, though.

Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners LP, has told the Financial Post that oil prices will return to $100 per barrel in 2023. According to the analysts, many of the headwinds that have cut short the oil price rally this year, including China’s zero-Covid policy and the coordinated SPR releases by several governments, will no longer be there in 2023. Coupled with sanctions on Russia’s oil and gas, this should elevate oil prices. He has also predicted that the energy sector will continue to outperform other market sectors due to high demand in oil and gas stocks.

The post Credit Suisse Predicts $63 Oil first appeared on Garner Ted Armstrong Evangelistic Association.

Early on Wednesday, oil prices were down, weighed by a firmer U.S. dollar and rising Covid cases in China, which, despite a recent easing of some measures, continues to adhere to a strict Covid-curbing policy.

Oil prices settled higher on Tuesday after the American Petroleum Institute (API) reported a large draw for crude oil of 5.835 million barrels – more than undoing the build reported last week.

Continue reading HERE

Source: https://oilprice.com/Latest-Energy-News/World-News/Allegations-That-Russian-Rocket-Drove-Disruption-At-Druzhba-Oil-Pipeline.html

___________________________________________________________________________________________________

[Disclaimer]

The post Allegations That Russian Rocket Drove Disruption At Druzhba Oil Pipeline first appeared on Garner Ted Armstrong Evangelistic Association.

Source: https://www.theblaze.com/news/oil-prices-drop-below-0-for-the-first-time-in-history

The post Oil prices drop below $0 for the first time in history first appeared on Garner Ted Armstrong Evangelistic Association.

The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out.

The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 19.3% to $14.74 a barrel on Monday.

The oil market has come under intense pressure during the coronavirus pandemic with a huge slump in demand.

US storage facilities are now struggling to cope with the glut of oil, weakening prices further.

• Record deal to cut oil output ends price war
• Coronavirus: Who is still flying?
• Seafarers in limbo as coronavirus hits shipping

The oil industry has been struggling with both tumbling demand and in-fighting among producers about reducing output.

Earlier this month, Opec members and its allies finally agreed to a record deal to slash global output by about 10%. The deal was the largest cut in oil production ever to have been agreed upon.

But some analysts said the cuts were not big enough to make a difference.

“It hasn’t taken long for the market to recognize that the Opec+ deal will not, in its present form, be enough to balance oil markets,” said Stephen Innes, chief global market strategist at Axicorp.

The leading exporters – Opec and allies such as Russia – have already agreed to cut production by a record amount.

In the United States and elsewhere, oil-producing businesses have made commercial decisions to cut output. But still, the world has more crude oil than it can use.

And it’s not just about whether we can use it. It’s also about whether we can store it until the lockdowns are eased enough to generate some additional demand for oil products.

Capacity is filling fast on land and at sea. As that process continues it’s likely to bear down further on prices.

It will take a recovery in demand to turn the market around and that will depend on how the health crisis unfolds.

There will be further supply cuts as private sector producers respond to the low prices, but it’s hard to see that being on a sufficient scale to have a fundamental impact on the market.

Meanwhile, concern continues to mount that storage facilities in the US will run out of capacity, with stockpiles at Cushing, the main delivery point in the US for oil, rising almost 50% since the start of March, according to ANZ Bank. “We hold some hope for a recovery later this year,” the bank said in its research note.

Mr. Innes said: “It’s a dump at all cost as no one, and I mean no one, wants delivery of oil with Cushing storage facilities filling by the minute.”

The drop was also driven by a technicality of the global oil market. Oil is traded on its future price and May futures contracts are due to expire on Tuesday. Traders will be keen to offload those holdings to avoid having to take delivery of the oil and incurring storage costs.

Brent oil, the benchmark used by Europe and the rest of the world, was also weaker, down 2.6% to $27.35 a barrel.

Source: https://www.bbc.com/news/business-52350082

The post US oil prices drop to 21-year low as demand dries up first appeared on Garner Ted Armstrong Evangelistic Association.

In what must seem like a nightmare scenario for Iran, not only is another U.S. president leveling sanctions against its economy, and particularly that economy’s lifeblood, its oil sector, but the current U.S. president has admittedly made it his mission to drive Tehran to its knees over what he sees as non-compliance over the 2015 nuclear accord between western powers and Tehran.

As recently as the start of this month, the oil markets narrative was that perhaps President Donald Trump had pushed a bit too hard by reimposing sanctions against Iran. Oil markets, for their part, were jittery while both global oil benchmark Brent and U.S. Benchmark West Texas Intermediate (WTI) futures hit four-year highs largely on supply concerns. Some predicted that $100 per barrel oil by the end of the year was imminent, while Tehran maintained a defiant tone, stating that neither Saudi Arabia nor OPEC would be able to pump enough oil to compensate for the loss of Iranian barrels, estimated between 500,000 bpd and 1 million bpd.

Now, what a different just a few weeks can make. Oil prices are now trending downward, falling for a third consecutive week as global stock markets tumbled and oil markets focused on a weaker demand outlook for crude going forward. Brent crude fell 2.7 percent last week and is down 10.5 percent from its October 3 high of $86.74. WTI ended the week down some 2.2 percent and has now dropped around 12 percent from its recent high of on October 3. Moreover, in a sign of things to come, hedge-fund and money managers are trimming their bets that crude oil prices will rise.

Oil market headwinds, perhaps even storm clouds are brewing over a slowdown in economic growth due to trade war tensions between Washington and Beijing, and a stronger dollar weighing on emerging market economies, with those countries seeing an exodus of currency for higher yielding, safer havens like the US Dollar and Japanese Yen. A stronger dollar also increases the price for oil import dependent countries, with India, the Philippines, Indonesia and others particularly vulnerable.

Related: Can U.S. Gas Demand Keep Up With Surging Production?

Tim Ghriskey, chief investment strategist at Inverness Counsel in New York said on Friday that “We’ve seen oil prices sell off here throughout the correction we’ve had in the broad market. The concern in the sell-off is clearly global growth, and that’s immediately reflected in oil prices.” UBS analysts, for their part, expect oil demand to grow more slowly in 2019, on higher oil prices and weaker economic growth.  Barclays currently sees the oil market flipping into oversupply in the first quarter of next year.

Nightmare scenario for Iran

How all of this plays out remains to be seen, but with a general downturn in economic growth and a slowdown in oil growth demand going forward, the loss of Iranian barrels now looks easily manageability – a scenario sure to cause consternation for Tehran.

Even Saudi Arabia is bracing for a possible return of oil supply overhang, a recent nightmarish situation for Riyadh as recently as 2015 and 2016 when it was forced to turn to Russia and form the so-called OPEC+ to trim oil production and return OECD oil inventories to five-year average while giving support to beleaguered prices that had dipped below $30 at the start of 2016.

Saudi Arabia’s OPEC governor said on Thursday the market could face oversupply in the current quarter, and after a slump in global equities clouded the outlook for demand. “The market in the fourth quarter could be shifting towards an oversupply situation as evidenced by rising inventories over the past few weeks,” Adeeb al-Aama told Reuters.Saudi Arabian energy minister Khalid al-Falih said there could be a need for intervention to reduce oil stockpiles after increases in recent months.

Related: Why Oil Prices Could Still Go Lower

Amid these developments, Tehran has toned down then eliminated its defiant insistence that oil markets were headed for trouble with the loss of Iranian barrels. Now, the country needs a new narrative. Moreover, the fallout for Iran remains clear. With most major importers of Iranian crude, including India and even China, already falling into compliance with U.S sanctions, the Iranian government will have to move quickly to not only make up the shortfall in oil revenue needed for state coffers but to also appease already festering public angst over the fall of the country’s currency (the rial), high inflation, unemployment and ongoing economic problems in the Islamic Republic.

Taking it to the streets

In June, the government was caught off-guard by protests in Tehran over a plunge in the value of the rial. Crowds at one point shut down Tehran’s sprawling Grand Bazaar, an economic center and a center where the 1979 Iranian Revolution gained footing. Protests also broke out in other cities in the country. Iran’s economy was already sputtering before Trump’s announcement in May that he intended to pull out of the 2015 nuclear accord, but since then the situation has intensified.

On Saturday, Iran’s parliament approved a government economic reshuffle, according to a Reuters report. The move comes just a week before fresh sanctions will hit the country’s energy sector. “Our main enemy, America, faces us with a drawn sword and we have to fight it and we have to unite. Regardless of factions … we are all part of the Iranian nation,” Rouhani said earlier, urging MPs to vote for his proposed ministers ahead of the cabinet reshuffle.

“Part of our economic problems has to do with the (high) rate of exchange of hard currencies, but our foreign exchange reserves are better than in any of the past five years,” he said.

By Tim Daiss for Oilprice.com

Source: https://oilprice.com/Energy/Crude-Oil/Irans-Worst-Nightmare-Is-Coming-True.html

The post Iran’s Worst Nightmare Is Coming True first appeared on Garner Ted Armstrong Evangelistic Association.

“Oil prices are finely balanced in today’s trading session. Ongoing protests in Iran, together with recent detention of several princes in Saudi Arabia, have reinvigorated geopolitical concerns,” Abhishek Kumar, senior energy analyst at Interfax Energy’s Global Gas Analytics in London.

“However, prospects for further increases in US oil production amid recent improvements seen in oil prices continue to promote bearish sentiment,” Mr Kumar said.

Brent futures gained 16 cents, or 0.2 per cent, to settle at US$67.78 a barrel, while US West Texas Intermediate (WTI) crude rose 29 cents, or 0.5 per cent, to settle at US$61.73.

Last week, both contracts rose to their highest since May 2015 with Brent at US$68.27 and WTI at US$62.21.

US production C-OUT-T-EIA is expected soon to rise above 10 million barrels per day, largely thanks to soaring output from shale drillers, according to federal energy data.

Only Russia and Saudi Arabia produce more.

“The US oil price is now into a range that is anticipated to attract increased shale oil production,” said Ric Spooner, chief market analyst at CMC Markets in Sydney.

“Traders may decide that discretion is the better part of valour while markets wait on evidence of what happens to the rig count and production levels over the next couple of months,” Mr Spooner said.

US drillers reduced the number of oil rigs operating by five in the week to Jan 5, the first decline in three weeks, according to a report by energy services firm Baker Hughes on Friday.

Rising US production is the main factor countering output cuts led by the Middle East-dominated Organization of the Petroleum Exporting Countries and by Russia, which began in January 2017 and are set to last through 2018.

A senior Opec source from a major Middle Eastern oil producer said Opec was monitoring unrest in Iran, as well as Venezuela’s economic crisis, but will boost output only if there are significant and sustained production disruptions from those countries.

Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore, said “the Opec versus shale debate will rage” this year, being a key price-driving factor.

However, Mr Innes added that Middle East turmoil would remain a key focus for oil markets and had the potential to “send oil prices rocketing higher.”

REUTERS

Source: http://www.businesstimes.com.sg/energy-commodities/oil-mostly-flat-as-rising-us-output-offsets-opec-worries

The post Oil mostly flat as rising US output offsets Opec worries first appeared on Garner Ted Armstrong Evangelistic Association.