XCR1250 Posted November 29, 2021 Share Posted November 29, 2021 Oil prices are set to rise as high as $150 a barrel as OPEC+ controls supply in the face of Omicron concerns, JPMorgan says Matthew Fox Nov. 29, 2021, 02:00 PM The OPEC+ group of oil producing countries abandoned output talks on Monday. Ramzi Boudina/Reuters OPEC's control over the supply of oil will catapult prices to $150 a barrel in 2023, JPMorgan said in a Monday note. "We believe OPEC+ will defend the oil price with paced volume growth to keep inventories low," JPMorgan said. The bank doesn't see the new Omicron variant of COVID-19 putting a dent into demand for oil. Rising oil prices are here to stay according to JPMorgan, with the bank estimating that Brent prices could hit $150/bl in 2023 as the OPEC+ cartel control supply and defend higher prices. That means the Biden administrations release of strategic petroleum reserves will have little impact on the underlying price of oil, as was made clear in the initial price reaction in oil last week after the government flooded the market with 50 million barrels. The main driver behind oil prices is supply and demand. And while the Omicron COVID-19 variant put a dent into oil prices on Friday, with investors fearing that potential country lockdowns would reduce travel and therefore lower demand for oil, JPMorgan viewed that price move as an overreaction. "We believe the market may overestimate the impacts of the recent emergence of the Omicron variant of COVID-19 on oil prices during the US holiday period," JPMorgan said in a Monday note, inferring that there will be little to no slowdown in holiday travels even as the Omicron variant spreads. With demand for oil likely to remain steady, supply will remain the key driver behind oil prices for years to come. And with OPEC+ "being firmly in the driver's seat for oil prices," JPMorgan thinks Brent will hit $120/bl in 2022, and could even overshoot to $150/bl in 2023, representing potential upside of as much as 100% from current levels. "We believe OPEC+ will defend the oil price with paced volume growth to keep inventories low, markets in balance and reservoirs well managed," JPMorgan explained. Increased supply from US-based oil producers could help put downward pressure on oil prices, but the US oil rig count is at about half what it was in 2019, and investments back into the sector have been slow ever since oil prices briefly turned negative amid the onset of the pandemic in 2020. That's a recipe for rising oil prices, at least until US oil production hits levels last seen before the pandemic. Quote Link to comment Share on other sites More sharing options...
oldslowsledder Posted November 29, 2021 Share Posted November 29, 2021 I don't like JPMorgan Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted November 30, 2021 Share Posted November 30, 2021 A year ago gas was 1.79 and the border was acctualy under control for the first time in my life . 2 1 Quote Link to comment Share on other sites More sharing options...
Cat45 Posted November 30, 2021 Share Posted November 30, 2021 8 minutes ago, Ez ryder said: A year ago gas was 1.79 and the border was acctualy under control for the first time in my life . Huh.....i wonder what changed? 1 Quote Link to comment Share on other sites More sharing options...
nascarmike Posted November 30, 2021 Share Posted November 30, 2021 19 minutes ago, Cat45 said: Huh.....i wonder what changed? 5 Quote Link to comment Share on other sites More sharing options...
Phenom Posted November 30, 2021 Share Posted November 30, 2021 (edited) You can cry the boo hoo blame game, or you can take charge of your destiny. My new pole barn is getting a solar array to power my house and charge my car…I’d like to see opec or anyone else turn off the sun. All my gas powered toys will find a way to be kept filled to enjoy as I please…didn’t work all these years for nuthin. Edited November 30, 2021 by Phenom Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted November 30, 2021 Share Posted November 30, 2021 44 minutes ago, Phenom said: You can cry the boo hoo blame game, or you can take charge of your destiny. My new pole barn is getting a solar array to power my house and charge my car…I’d like to see opec or anyone else turn off the sun. All my gas powered toys will find a way to be kept filled to enjoy as I please…didn’t work all these years for nuthin. And you are getting ass pounded on steel and polls and trusses . But I get it got to do what you got to do . My self I was going to build a new house this spring and said fuck that I don't need a new house I will wait till shit cools off and I can just keep making money on people willing to pay huge markups when the getting is good. 1 Quote Link to comment Share on other sites More sharing options...
nascarmike Posted November 30, 2021 Share Posted November 30, 2021 They will find a way to tax the hell out of windmills and solar panels too. 1 Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted November 30, 2021 Gold Member Share Posted November 30, 2021 4 hours ago, Phenom said: You can cry the boo hoo blame game, or you can take charge of your destiny. My new pole barn is getting a solar array to power my house and charge my car…I’d like to see opec or anyone else turn off the sun. All my gas powered toys will find a way to be kept filled to enjoy as I please…didn’t work all these years for nuthin. I Should be fossil fuel free by the end of next year. This year was a good start. New Solar and have a new EV due in the next few days. May have to put some more solar up next year to cover an additional of my EV pickup I have had on order for over a year now. But the Tesla will be picked up this week. only been generating my own electricity since the last few days in April but have made gobs of my own electricity. 1 Quote Link to comment Share on other sites More sharing options...
Gold Member 800renegaderider Posted November 30, 2021 Gold Member Share Posted November 30, 2021 5 hours ago, BOHICA said: I Should be fossil fuel free by the end of next year. This year was a good start. New Solar and have a new EV due in the next few days. May have to put some more solar up next year to cover an additional of my EV pickup I have had on order for over a year now. But the Tesla will be picked up this week. only been generating my own electricity since the last few days in April but have made gobs of my own electricity. Solar is great and all but I don’t see how this is better than buying gas. 80k for a truck and probably what 30k for the solar and still won’t make enough to charge what ya got. I’d be dead by the time I put that much gas into my 4 banger daily. Hell even at $10 a gallon it take freakin 20yrs. 4 Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted November 30, 2021 Gold Member Share Posted November 30, 2021 (edited) 2 hours ago, 800renegaderider said: Solar is great and all but I don’t see how this is better than buying gas. 80k for a truck and probably what 30k for the solar and still won’t make enough to charge what ya got. I’d be dead by the time I put that much gas into my 4 banger daily. Hell even at $10 a gallon it take freakin 20yrs. Solar is over producing for my needs. Have too much electricity. 48 panel system cost around 18k…. DIY. The pickup is actually cheaper then what I would buy anyway…. TRX or Raptor. So actually saving money on the price of the pickup. Edited November 30, 2021 by BOHICA 1 Quote Link to comment Share on other sites More sharing options...
Gold Member 800renegaderider Posted November 30, 2021 Gold Member Share Posted November 30, 2021 51 minutes ago, BOHICA said: Solar is over producing for my needs. Have too much electricity. 48 panel system cost around 18k…. DIY. The pickup is actually cheaper then what I would buy anyway…. TRX or Raptor. So actually saving money on the price of the pickup. By your first post it sounds like you wouldn’t be producing enough juice with two ev’s so that’s more money in panels not to mention you have neither car yet you can only guess what you’ll be using. You did a diy job and it still cost 18k so really it’s probably 40-50-60k to get professionally done and have enough juice for a two car household. It’s no where close to cost effective for the average household and won’t be any time soon from what I can see. Gas have to be double the price to even be worth looking into or solar cost cut in half. 1 Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted November 30, 2021 Gold Member Share Posted November 30, 2021 (edited) 17 minutes ago, 800renegaderider said: By your first post it sounds like you wouldn’t be producing enough juice with two ev’s so that’s more money in panels not to mention you have neither car yet you can only guess what you’ll be using. You did a diy job and it still cost 18k so really it’s probably 40-50-60k to get professionally done and have enough juice for a two car household. It’s no where close to cost effective for the average household and won’t be any time soon from what I can see. Gas have to be double the price to even be worth looking into or solar cost cut in half. I have a plug in hybrid suv that consumes electricity daily for over 2 years now. It will be replaced with a plug in pickup. I may have to add a few panels but unsure yet as the pickup has better efficiency then our plug in hybrid. Yet to be determined once I add the tesla as I’m going to be close on electric production to use. My utility net meters so I have extra currently sitting in the bank to use when I need. Edited November 30, 2021 by BOHICA 1 Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted November 30, 2021 Share Posted November 30, 2021 9 hours ago, BOHICA said: I Should be fossil fuel free by the end of next year. This year was a good start. New Solar and have a new EV due in the next few days. May have to put some more solar up next year to cover an additional of my EV pickup I have had on order for over a year now. But the Tesla will be picked up this week. only been generating my own electricity since the last few days in April but have made gobs of my own electricity. So this oil free adventure your on cost what, $150K total? 1 Quote Link to comment Share on other sites More sharing options...
Zambroski Posted November 30, 2021 Share Posted November 30, 2021 2 minutes ago, teamgreen02 said: So this oil free adventure your on cost what, $150K total? Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted November 30, 2021 Gold Member Share Posted November 30, 2021 5 minutes ago, teamgreen02 said: So this oil free adventure your on cost what, $150K total? Do I factor in cost of vehicle I am or was thinking about purchasing? Ram TRX I was looking at was over $100k and the Audi I was looking at was pushing 60K. I’m going to purchase vehicles wether they are electric or gas. if I compare the gas equivalent vehicles I was looking at to purchase they are more expensive the the EV vehicles I am purchasing. Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted November 30, 2021 Share Posted November 30, 2021 The US/Canada oil and gas industry is still ramping up. Prior to covid we had around 800 drill rigs operating. That reduced to about 250 in the summer of 2020, not much activity in that industry. We will be coming back up to around 600 before the end of the year. Production will continue to increase next year. Many countries go back on lockdown will help keep demand down. At this rate, I don't see it going to $150 a barrel in 2023. 1/3/2020 796 1/10/2020 781 1/17/2020 796 1/24/2020 794 1/31/2020 790 2/7/2020 790 2/14/2020 790 2/21/2020 791 2/28/2020 790 3/6/2020 793 3/13/2020 792 3/20/2020 772 3/27/2020 728 4/3/2020 664 4/9/2020 602 4/17/2020 529 4/24/2020 465 5/1/2020 408 5/8/2020 374 5/15/2020 339 5/22/2020 318 5/29/2020 301 6/5/2020 284 6/12/2020 279 6/19/2020 266 6/26/2020 265 7/2/2020 263 7/10/2020 258 7/17/2020 253 7/24/2020 251 7/31/2020 251 8/7/2020 247 8/14/2020 244 8/21/2020 254 8/28/2020 254 9/4/2020 256 9/11/2020 254 9/18/2020 255 9/25/2020 261 10/2/2020 266 10/9/2020 269 10/16/2020 282 10/23/2020 287 10/30/2020 296 11/6/2020 300 11/13/2020 312 11/20/2020 310 11/25/2020 320 12/4/2020 323 12/11/2020 338 12/18/2020 346 12/23/2020 348 12/31/2020 351 1/8/2021 360 1/15/2021 373 1/22/2021 378 1/29/2021 384 2/5/2021 392 2/12/2021 397 2/19/2021 397 2/26/2021 402 3/5/2021 403 3/12/2021 402 3/19/2021 411 3/26/2021 417 4/1/2021 430 4/9/2021 432 4/16/2021 439 4/23/2021 438 4/30/2021 440 5/7/2021 448 5/14/2021 453 5/21/2021 455 5/28/2021 457 6/4/2021 456 6/11/2021 461 6/18/2021 470 6/25/2021 470 7/2/2021 475 7/9/2021 479 7/16/2021 484 7/23/2021 491 7/30/2021 488 8/6/2021 491 8/13/2021 501 8/20/2021 503 8/27/2021 508 9/3/2021 497 9/10/2021 503 9/17/2021 512 9/24/2021 521 10/1/2021 528 10/8/2021 533 10/15/2021 543 10/22/2021 542 10/29/2021 544 11/5/2021 550 11/12/2021 556 11/19/2021 563 11/24/2021 569 Quote Link to comment Share on other sites More sharing options...
gravy davey Posted November 30, 2021 Share Posted November 30, 2021 12 hours ago, BOHICA said: I Should be fossil fuel free by the end of next year. This year was a good start. New Solar and have a new EV due in the next few days. May have to put some more solar up next year to cover an additional of my EV pickup I have had on order for over a year now. But the Tesla will be picked up this week. only been generating my own electricity since the last few days in April but have made gobs of my own electricity. Fossil fuels were used to build those panels and electric vehicles so not really fossil fuel free Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted November 30, 2021 Gold Member Share Posted November 30, 2021 14 minutes ago, gravy davey said: Fossil fuels were used to build those panels and electric vehicles so not really fossil fuel free Fossil fuel free enough during there use though. Maybe tires every now and then and rubbery compound of wiper blades need some oil but all vehicles need those. It’s the excess oil need that is eliminated. Oil could go to $1000 a barrel and it will have minuscule effect on energy needs for my house or transportation 1 Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted November 30, 2021 Share Posted November 30, 2021 18 hours ago, Ez ryder said: A year ago gas was 1.79 and the border was acctualy under control for the first time in my life . Are you seeing an alarming increase of Canadians in Minnesota? Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted November 30, 2021 Share Posted November 30, 2021 Rather than bitching about oil and fuel prices, trade it. 💡 My favorite funds are ticker UCO long and SCO short. Quote Link to comment Share on other sites More sharing options...
X2700 Posted November 30, 2021 Share Posted November 30, 2021 Wait till they start charging road tax by the mile!! will gps your electric cars and trucks to get tax usage!! it’s coming.don’t think they will let you drive those electric rigs for nothing!! Quote Link to comment Share on other sites More sharing options...
X2700 Posted November 30, 2021 Share Posted November 30, 2021 Then watch electric rates skyrocket. These electric companies need to be profitable!as long as you can charge all your needs at home fine but wait till you have to charge on the road! Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted November 30, 2021 Share Posted November 30, 2021 54 minutes ago, Crnr2Crnr said: Are you seeing an alarming increase of Canadians in Minnesota? Quote Link to comment Share on other sites More sharing options...
Phenom Posted November 30, 2021 Share Posted November 30, 2021 2 hours ago, BOHICA said: Fossil fuel free enough during there use though. Maybe tires every now and then and rubbery compound of wiper blades need some oil but all vehicles need those. It’s the excess oil need that is eliminated. Oil could go to $1000 a barrel and it will have minuscule effect on energy needs for my house or transportation Bravo. Energy independence starts at home…literally. What is your storage as in batteries? What type and total stored amps are you using. Thanks for any info. Quote Link to comment Share on other sites More sharing options...
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