Petrol Price Movement in Singapore

[DOBIEMKZ]

https://www.bloomberg.com/news/articles/2022-07-05/citi-warns-oil-may-collapse-to-65-by-the-year-end-on-recession-l57ro9of

Citi Says Oil May Collapse to $65 by the Year-End on Recession.

By Serene Cheong

5 July 2022, 14:04 GMT+8

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.

That outlook is based on an absence of any intervention by OPEC+ producers and a decline in oil investments, analysts including Francesco Martoccia and Ed Morse said in a report. Brent, the global crude benchmark, last traded near $113 a barrel.

Oil has soared this year following the invasion of Ukraine, and banks are now trying to chart its course into 2023 as central banks raise interest rates and recessionary risks mount. Citi’s outlook compared the current energy market with crises of the 1970s. At present, the bank’s economists do not expect the US to dip into recession.

“For oil, the historical evidence suggests that oil demand goes negative only in the worst global recessions,” the Citi analysts said in the July 5 note. “But oil prices fall in all recessions to roughly the marginal cost.”

[Spidey10]

1 minute ago, DOBIEMKZ said:

https://www.bloomberg.com/news/articles/2022-07-05/citi-warns-oil-may-collapse-to-65-by-the-year-end-on-recession-l57ro9of

Citi Says Oil May Collapse to $65 by the Year-End on Recession.

By Serene Cheong

5 July 2022, 14:04 GMT+8

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.

That outlook is based on an absence of any intervention by OPEC+ producers and a decline in oil investments, analysts including Francesco Martoccia and Ed Morse said in a report. Brent, the global crude benchmark, last traded near $113 a barrel.

Oil has soared this year following the invasion of Ukraine, and banks are now trying to chart its course into 2023 as central banks raise interest rates and recessionary risks mount. Citi’s outlook compared the current energy market with crises of the 1970s. At present, the bank’s economists do not expect the US to dip into recession.

“For oil, the historical evidence suggests that oil demand goes negative only in the worst global recessions,” the Citi analysts said in the July 5 note. “But oil prices fall in all recessions to roughly the marginal cost.”

another source says oil will go to $250 pb coz Russia is shutting down prd and cutting all supplies to Euro!! 

[inlinesix]

5 minutes ago, DOBIEMKZ said:

https://www.bloomberg.com/news/articles/2022-07-05/citi-warns-oil-may-collapse-to-65-by-the-year-end-on-recession-l57ro9of

Citi Says Oil May Collapse to $65 by the Year-End on Recession.

By Serene Cheong

5 July 2022, 14:04 GMT+8

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.

That outlook is based on an absence of any intervention by OPEC+ producers and a decline in oil investments, analysts including Francesco Martoccia and Ed Morse said in a report. Brent, the global crude benchmark, last traded near $113 a barrel.

Oil has soared this year following the invasion of Ukraine, and banks are now trying to chart its course into 2023 as central banks raise interest rates and recessionary risks mount. Citi’s outlook compared the current energy market with crises of the 1970s. At present, the bank’s economists do not expect the US to dip into recession.

“For oil, the historical evidence suggests that oil demand goes negative only in the worst global recessions,” the Citi analysts said in the July 5 note. “But oil prices fall in all recessions to roughly the marginal cost.”

 

2 minutes ago, Spidey10 said:

another source says oil will go to $250 pb coz Russia is shutting down prd and cutting all supplies to Euro!! 

ST ran an article over the weekend that says EU will be fighting with us for oil.

It is likely going up 

[Vratenza]

18 minutes ago, inlinesix said:

Govt just responding ppl call (to reduce petrol tax) only.  

I read the article 2 times....and I did not see any mention of reducing petrol tax as an option to relieve the sufferings of the citizens and businesses...did I miss out on something here?

https://www.straitstimes.com/singapore/budget-2021-petrol-duties-raised-with-immediate-effect-road-tax-rebates-to-help-offset

Seem like govt is just obfuscating the issue with phantom demands to cap the fuel prices. 

Edited July 6, 2022 by Vratenza

[Ingenius]

According to reports , the reason for the current high fuel price is due to during COVID,.oil companies stop oil exploration. This results in current shortage of oil and price hike. But they have already restarted the oil exploration and extraction, so prices will come down to pre COVID levels in a year's time. So just hang on there, at the end of tunnel is light. 

[Fcw75]

1 hour ago, Vratenza said:

...and we are supposed to give up our cars to bask ourselves in this?

https://www.straitstimes.com/singapore/transport/train-service-along-entire-thomson-east-coast-line-disrupted-by-signal-fault

Brand new line ...mind you.....

ST also no gib chance, emphasized this big big 🤣

At 8.40am, it said there was no service along the entire TEL - Singapore's newest rail line - in both directions.

Edited July 6, 2022 by Fcw75

[Vratenza]

2 minutes ago, Fcw75 said:

ST also no gib chance, Must emphasize this big big 🤣

At 8.40am, it said there was no service along the entire TEL - Singapore's newest rail line - in both directions.

Editor must be new...never got invited to tea yet😁

[DOBIEMKZ]

16 minutes ago, Vratenza said:

Editor must be new...never got invited to tea yet😁

We need more gung-ho editors.

[Fitvip]

39 minutes ago, Vratenza said:

I read the article 2 times....and I did not see any mention of reducing petrol tax as an option to relieve the sufferings of the citizens and businesses...did I miss out on something here?

https://www.straitstimes.com/singapore/budget-2021-petrol-duties-raised-with-immediate-effect-road-tax-rebates-to-help-offset

Seem like govt is just obfuscating the issue with phantom demands to cap the fuel prices. 

Car owners are their golden goose as well as sacrificial lambs. Petrol tax reduction? Wait long long.

[Mustank]

16 hours ago, inlinesix said:

Govt will review ways to ease cost pressures, but won't cap fuel prices as it distorts market: Low Yen Ling
https://www.straitstimes.com/singapore/politics/govt-wont-cap-fuel-prices-as-it-distorts-market-will-consider-other-ways-to-ease-cost-pressures

Tan ku ku to remove petrol tax

If they got guts, I put in money to buy their papers 

if not, I rather read wsj cheap and good

 

[inlinesix]

20 minutes ago, Mustank said:

If they got guts, I put in money to buy their papers 

if not, I rather read wsj cheap and good

I will not as I want something with Asian perspective.

[Volvobrick]

Oil tumbles 9% on recession demand destruction fears
https://www.businesstimes.com.sg/energy-commodities/oil-tumbles-9-on-recession-demand-destruction-fears

 

But pump price is very complicated one. Laymen cannot understand why oil price drops so much pump prices never drop..... 

Only millionstars can understand as they keep monitoring the situation. 

[Mustank]

36 minutes ago, Volvobrick said:

Oil tumbles 9% on recession demand destruction fears
https://www.businesstimes.com.sg/energy-commodities/oil-tumbles-9-on-recession-demand-destruction-fears

 

But pump price is very complicated one. Laymen cannot understand why oil price drops so much pump prices never drop..... 

Only millionstars can understand as they keep monitoring the situation. 

Newspaper got say refinery cannot cope

I just read today in wsj. Sorry cannot find 

Edited July 6, 2022 by Mustank

[Locknload]

13 hours ago, therock said:

Bro if one day, you feel that you need to sell that car and take the bus, then someone in the government would have met his or her KPI.. sorry man 

Not only feel but I KNOW that day will be soon. Happy to help some people achieve their KPI and a promotion with salary increase!

[Mkl22]

7 hours ago, Fitvip said:

That is what people say chue gong LP song.

Errrrr but she don’t have! 😂

Edited July 6, 2022 by Mkl22

[Atonchia]

9 hours ago, Vratenza said:

...and we are supposed to give up our cars to bask ourselves in this?

https://www.straitstimes.com/singapore/transport/train-service-along-entire-thomson-east-coast-line-disrupted-by-signal-fault

Brand new line ...mind you.....

Let me try...

"We will look into the cause of the disruption.

As this is new line, the signalling system hasn't been fully optimised to operate as a partial line. 

It was created to run as the full line so the disruption. We are working our best to optimise the partially open line.🤣🤣

[Volvobrick]

9 minutes ago, Atonchia said:

Let me try...

"We will look into the cause of the disruption.

As this is new line, the signalling system hasn't been fully optimised to operate as a partial line. 

It was created to run as the full line so the disruption. We are working our best to optimise the partially open line.🤣🤣

I think it will be

"We don't expect things to run 100% smoothly for a new project"..... 

Can't remember who said this. 

Edited July 6, 2022 by Volvobrick

[Vratenza]

16 minutes ago, Atonchia said:

Let me try...

"We will look into the cause of the disruption.

As this is new line, the signalling system hasn't been fully optimised to operate as a partial line. 

It was created to run as the full line so the disruption. We are working our best to optimise the partially open line.🤣🤣

You forgot this "we will monitor the situation carefully and will not hesitate to respond decisively if there are signs of systemic problem..."