Posted by Six6thsense > 2023-07-17 10:25 | Report Abuse

Run

Posted by James_Bond > 2023-07-17 17:16 | Report Abuse

Brent oil rebounded to USD79.95! Cheers!

Posted by StartOfTheBull > 2023-07-17 22:04 | Report Abuse

Oil is recovering.

Posted by James_Bond > 2023-07-18 09:25 | Report Abuse

Indeed, Brent crude oil recovers to USD 78.81! Let’s buy up Hibiscus! Cheers!

Posted by James_Bond > 2023-07-18 15:44 | Report Abuse

Collected 0.895! Cheers!

Posted by James_Bond > 2023-07-18 15:46 | Report Abuse

'Massive US Oil Caverns' Are Now Empty, Will Take 'Decades To Refill' Thanks To Biden

While it took the Biden administration the better part of six months to drain the US oil supply down to a precarious 20-days of emergency reserves (a 40-year low), it will take decades to refill - if that happens at all, Bloomberg reports.

Stroll through the West Hackberry oil facility on the US Gulf Coast and there’s not much to see: some pipelines and other industrial equipment. But buried deep beneath the surface are storage caverns so massive they’re tall enough to house the Empire State Building with plenty of room to spare.

Thanks to the Biden administration, these reserve sites are sitting half empty.

The Strategic Petroleum Reserve (SPR) now sits at 346.8 million barrels - a level unseen since 1983 - out of a total authorized storage capacity of 714 million.

Perhaps even more noteworthy, the emergency reserves are equal to approximately just 20 days worth of supply - an all-time record low...

Replenishing the supply will be a nontrivial and lengthy process according to experts, who say that a lack of funding and ancient infrastructure will hinder the process, despite the Energy Department's vow to keep buying.

Now that energy costs are back down comes the task of refilling the reserve. That will be a complicated, expensive process. Oil prices are now much higher than when most of the inventory was originally bought — the average price paid for oil in the reserve was $29.70 per barrel, which compares with the current benchmark cost for US crude futures at about $75.

And there’s the balance between needing to buy and not purchasing too much at once, lest the oil market gets spooked and prices jump higher. -Bloomberg

"It would be a very slow process even if you had the money and the facilities were are all in good shape," said John Shages, who previously oversaw the oil cache for the Energy Department, adding "It could take decades."

The depleted SPR also means that the US could be vulnerable to oil price shocks. In particular, during domestic supply crunches, America will be left to the mercy of the Saudis, Russia and the rest of the OPEC+ cartel.

They won't make it past a month in the SPR Transportation is the segment that will be affected. We won't be flying or driving during this time, prices will be astronomical. pic.twitter.com/6arYZdV92f — Julie Wade (@julie_wade) July 17, 2023

The SPR was established in the 1970s after the Arab oil embargo resulted in a global energy supply shock and a gasoline shortage in the US, in which Americans lined up for hours, on designated days, to refill their cars. Decades later, the SPR still serves a vital function, providing a safety net against geopolitical turbulence and potential supply disruptions.

The Biden administration's decision to release oil from the SPR has sparked outrage from Republicans - who have accused the admin of manipulating gas prices before the medterm elections last year in November, and have accused them of having no credible plan to refill the reserve.

"DOE’s mismanagement of the SPR has undermined America’s energy security, leaving the nation more vulnerable to energy supply disruptions, and increasing the ability for OPEC and Russia to use energy as a geopolitical weapon," wrote top House and Senate Republicans in a May letter to the Government Accountability Office, asking the federal watchdog for an audit of the reserve, Bloomberg reports.

The pace of refilling the SPR has been sluggish at best. While the Department of Energy (DOE) plans to replace barrels sold last year, it falls far short of the goal to replenish the reserves to its 2009 peak. Congress's decision to strip $12.5 billion earmarked for reserve oil purchases further complicates the situation - as the DOE is now left with a mere $4.3 billion to acquire oil, an insufficient amount to fully restore the SPR.

Aging infrastructure poses additional challenges. The Gulf Coast salt caverns that make up the reserve were initially designed with a 25-year lifespan. As such, the risk of cavern dissolution increases with each drawdown and refill. Maintenance issues, along with the ballooning costs of the $1.4 billion modernization program, add further strain to the already troubled reserve.

Tyler Durden
Mon, 07/17/2023 13:00

Posted by James_Bond > 2023-07-19 02:47 | Report Abuse

Brent oil rebounded strongly to USD79.58! Cheers!

Posted by James_Bond > 2023-07-19 17:58 | Report Abuse

Brent oil rebounded strongly to USD80++! Cheers!

Posted by Robert Waters > 2023-07-20 11:02 | Report Abuse

Going strong cosidering Sapura, Armada and EA Tech down sharply.
Brent very near 80 USD per barrel.
No worry.

Posted by wahidul > 2023-07-20 12:09 | Report Abuse

as long as Brent is steady no worries guys

Posted by Sangranghaeyo > 2023-07-20 12:12 | Report Abuse

On the way to hit RM1 again this Hibiscus

Posted by James_Bond > 2023-07-20 16:28 | Report Abuse

Brent oil going to break USD 80 again! Cheers!

Posted by Six6thsense > 2023-07-20 21:55 | Report Abuse

weekends eat abalone

Posted by James_Bond > 2023-07-21 09:42 | Report Abuse

Let’s witness the breaking of USD 80 for Brent oil! Cheers!

Posted by 1pingpong > 2023-07-21 10:26 | Report Abuse

the force is strong now.

Posted by James_Bond > 2023-07-21 10:32 | Report Abuse

Brent oil rebounded strongly to USD80.41! Cheers!

Posted by James_Bond > 2023-07-21 10:33 | Report Abuse

May THE FORCE be with ALL HIBISCUS COMRADES!

Posted by wahidul > 2023-07-21 10:39 | Report Abuse

go go go Brent,go go go Hibiscus

Posted by Robert Waters > 2023-07-21 11:09 | Report Abuse

This is really good. Oil price > 80 USD sure will go long way to bring it above RM 1.00.

Posted by James_Bond > 2023-07-21 11:45 | Report Abuse

Remember crude oil from hibiscus is pricier compared with Brent! If Brent hovering at USD80+, crude oil from hibiscus should be selling at USD 90+! Cheers!

Posted by Siow Looi > 2023-07-21 13:50 | Report Abuse

Lai liou Lai liou

Posted by James_Bond > 2023-07-21 14:30 | Report Abuse

Brent oil rebounded strongly to USD80.43 and going up still, bullish, bullish, bullish! Cheers!

Posted by James_Bond > 2023-07-21 14:31 | Report Abuse

Let’s me start the ball rolling and bought hibiscus at 0.915! Cheers!

Posted by James_Bond > 2023-07-21 14:34 | Report Abuse

JPM analysts forecast Brent to US$86 / barrel by the end of Q3, but as inventories are expected to gradually build back in Q4 2023 and into 2024 prices should ease back.

JPM conclude: "in order of preference, we favor natural gas, ags, oil and gold, and maintain neutral stance on base metals"

This article was written by Eamonn Sheridan at www.forexlive.com.

Posted by wahidul > 2023-07-21 14:50 | Report Abuse

add some at 0.915

Posted by James_Bond > 2023-07-21 15:24 | Report Abuse

Buy hibiscus now or never!

Posted by James_Bond > 2023-07-21 15:51 | Report Abuse

Brent oil rebounded strongly to USD80.50 and going up still, bullish, bullish, bullish! Cheers!

Posted by StartOfTheBull > 2023-07-21 16:28 | Report Abuse

Weekend sell down.

Posted by James_Bond > 2023-07-21 17:30 | Report Abuse

Brent oil rebounded strongly to USD80.61 and moving north, bullish, bullish, bullish! Cheers!

Posted by James_Bond > 2023-07-21 19:06 | Report Abuse

https://www.bloomberg.com/news/articles/2023-07-20/extreme-heat-across-the-planet-is-no-coincidence

Hot hot hot weather!

Posted by James_Bond > 2023-07-21 20:16 | Report Abuse

Brent oil rebounded strongly to USD80.72 and moving north, bullish, bullish, bullish, in keeping with JPM analysis! Cheers!

Posted by dreamer > 2023-07-21 20:24 | Report Abuse

why drop to 90sen?

Posted by StartOfTheBull > 2023-07-21 21:19 | Report Abuse

No worries, long term bullish.

Posted by James_Bond > 2023-07-22 02:23 | Report Abuse

Brent oil rebounded strongly to USD80.88 and moving north, huat, huat, huat, in keeping with JPM analysis! Cheers!

Posted by James_Bond > 2023-07-22 02:24 | Report Abuse

Take hibiscus dividends and reinvest again to win big! Cheers!

Posted by James_Bond > 2023-07-22 02:42 | Report Abuse

Brent oil rebounded strongly to USD81.20 and moving north, huat, huat, huat, in keeping with JPM analysis! Cheers!

Posted by success2628 > 2023-07-23 16:24 |

Post removed.Why?

Posted by speakup > 2023-07-23 16:39 | Report Abuse

Welcome to Casino De Bursa

Posted by GLNT > 2023-07-23 17:42 | Report Abuse

Crazies selling this stock in rising oil prices. Can't comprehend the foolishness of this.

Posted by GrowthCapitalist > 2023-07-23 21:52 | Report Abuse

If the sell off continue then this stock is being shorted by someone BIG GUY or HUGE WHALE. I read through their ER and supposedly it should be at least Rm1 but its still below. Try to compare with US stock this guy should be able to do better. But it's okay i lost alot in Bursa so it's not a big thing rather than be patience

Posted by Robert Waters > 2023-07-24 09:51 | Report Abuse

Slow here today, yet oil 80+ USD. Where is James when we need them ....
:-)
Should be a good week after run up in a few other energy stocks.
😉

Posted by kl_guy > 2023-07-24 11:18 | Report Abuse

look like opec not going let price coming down. more production cut coming.
Just have to wait for the main stream media to make big news out on strong oil price.
" Minyak Dunia Naik Harga"

Posted by James_Bond > 2023-07-24 11:41 | Report Abuse

I busy scooping hibiscus secretly via multiple accounts… sh… sh… sh…

Posted by Sangranghaeyo > 2023-07-24 11:43 | Report Abuse

Heading to RM1 again this Hibiscus ?

Posted by James_Bond > 2023-07-24 12:11 | Report Abuse

Hopefully…

Posted by James_Bond > 2023-07-24 12:17 | Report Abuse

Brent oil back to USD 80.80! Heng, Ong, Huat! Cheers!

Posted by KML889 > 2023-07-24 13:33 | Report Abuse

Don't understand the disclosure by 3D oil limited in ASX

Posted by KML889 > 2023-07-24 13:34 | Report Abuse

Supposedly good news I hope

Posted by KML889 > 2023-07-24 13:34 | Report Abuse

Will commence drilling soon.

Posted by KML889 > 2023-07-24 13:35 | Report Abuse

It's about time HB to wake up