OIL PROJECTED $45/BL BY 2023

Finally some good news.

yahoo.com/now/citi-warns-oil-may-collapse-060449078.html

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>may

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>Crude oil could collapse to $65 a barrel by the end of this year and slump to $45 by end-2023 if a demand-crippling recession hits, Citigroup Inc. has warned.
Every collapse has a silver lining.

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What a load of shit, they using the 2 weeks hopium syop?

Nobody cares about crude price, how much are they gonna continue gouging refined products?

These banks can't predict shit and if they can it is because they rigged it before hand (libor)

This is the goddamned truth right here. Oil is back in the double digits and gasoline is still stratospheric. I can only imagine this will help with that too though

>Gouge
Maybe we shouldn't have let environmentalists with no realistic alternative plan to block drilling/construction of energy infrastructure

>demand crippling

These people don't live in reality, do they? One of the key features of the 70s recession was the reliance and influence of oil from the Arabian peninsula on the Western economy and government.

>Welp, if we hit a recession things will just sort of smooth out... after the midterms, that is.
>What do you mean we built an economy entirely reliant on oil? Don't you trust the experts?
>Just buy a Tesla.

>good news
they're projecting this price because they suspect economic output will be so low that oil demand will be drastically reduced.
they're just betting that there will be a massive recession.
that's no good news at all. it's as bad as having oil at $380, which is JPM's view.
btw, I believe we will have a stagflation scenario, where prices, including oil, will keep on climbing but economic growth will be little, possible negative.

Never let a good crisis go to waste

>good news economy will collapse

>banks tell you to short oil
goddamn its going to 250 isnt it

Lemme guess, we're just going to refuse to pay more than $45 a barrell? Wasn't that the genius G7 plan? I'll try it next time at the supermarket checkout.

You can't gouge long term with refined products. You have to clear the refinery of product on a regular basis because storage is limited, so refined products sell at market price. There is no advantage to stopping your refinery so you can extract an extra shekel or two, likewise there is no advantage to selling below market price.
Oil, once out of the ground, must be used. Storage is very limited and expensive.

>when your fixed income is tied to inflation
Lel all smiles here

> depression hits
> hey at least oil is now at 0$. we have no demand
they are talking about the wrong kind of price decrease not the good kind. it will collapse down there because you won't be able to afford it.

>no new leases being given out
>existing leases being canceled
Yeah thats not going to happen

>economic crash with no survivors
>"But hey, oil might cost a little less then!"

Because we will be too poor to buy it at 100+ usd a barrel.

>good thing

Kek

Not happening.
So long as sanctions are imposed on the world's biggest supplier of Oil and Gas, prices will increase. It's going to get worse when Winter arrives.
Russia was making hundreds of billions selling Oil/gas at the current ludicrous market price. They have since ceased exporting to Poland and Germany. Come, Winter, prices will triple.

A recession won't change that. A recession would actually be great. Hyperinflation seems like the most likely scenario.