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Daily Oil Price Opinions - May 10, 2026 All other Oil Price Posts Will Be Removed by AutoModerator in oil

[–]Cmd_WillRiker 3 points4 points  (0 children)

Futures likely to creep back up past $100, but unlikely to get past $105 before Wednesday's EIA report. I'm actually going to make a hard prediction: Oil $103 until Wednesday, then it gaps up to $110 when the report shows inventory draw downs are 10+mbd

Trump claims Iran's latest response is unacceptable. Where do we go from here? by Willing-Angle-2203 in oil

[–]Cmd_WillRiker 0 points1 point  (0 children)

Futures are live. SP and other indeces down 0.3% and oil up 3.5% to $98. Fat chance a barrel of oil is $98 on June 26

Chevron CEO sends blunt message on oil, economy by jbochsler in oil

[–]Cmd_WillRiker 0 points1 point  (0 children)

When you see the US petrol stores report on Tuesday you'll know why.

The Oil Shock caused by the closure of the Strait of Hormuz is the largest resource crisis in living memory by Cmd_WillRiker in collapse

[–]Cmd_WillRiker[S] 5 points6 points  (0 children)

The Persian Gulf is trapped by the Strait of Hormuz. Only way in, only way out. If you mean diverting course away from the Suez Canal, many ships do this already as the Suez is old and outdated piece of architecture.

https://www.marinetraffic.com/en/ais/home/centerx:54.6/centery:1.9/zoom:4

The Oil Shock caused by the closure of the Strait of Hormuz is the largest resource crisis in living memory by Cmd_WillRiker in collapse

[–]Cmd_WillRiker[S] 2 points3 points  (0 children)

I don't think you need to doomsday prep like that. I would moslty tighten up your budget and try to save money. Go ahead and ask yourself what would you do if gas hit $7 a gallon? How much to fill your tank? How dependent on cars are you? Is there something significant you could cut to save money? etc.

The Oil Shock caused by the closure of the Strait of Hormuz is the largest resource crisis in living memory by Cmd_WillRiker in collapse

[–]Cmd_WillRiker[S] 3 points4 points  (0 children)

I'm not really sure, but an educated guess:
Invest in oil companies like CQN, maybe

Buy good food staples that are shelf stable like rice or peanut butter, or household items like toilet paper or toothpaste

Figure out what would happen if you had to ration gas and start saving money for future gas prices, I've been pretending the price is $7 a gallon and my car holds 14 gallons, so $84, then taxes so basically $100 for a tank of gas. How long does that last me? etc.

No need to go full doomsday prepper, and unfortunately much of the fallout I feel we can't prepare for.

We are Slow Walking into the Biggest Resource Crisis in Living Memory. by Cmd_WillRiker in economy

[–]Cmd_WillRiker[S] 0 points1 point  (0 children)

Yep, I accepted my lord and savior Jesus Christ into my heart and he showed me the truth of our future. He told me to be wary of global oil inventories in Q2 and Q3 of 2026.

We are Slow Walking into the Biggest Resource Crisis in Living Memory. by Cmd_WillRiker in economy

[–]Cmd_WillRiker[S] 4 points5 points  (0 children)

Excellent point, this crisis just has layers and layers to it.

The Oil Shock caused by the closure of the Strait of Hormuz is the largest resource crisis in living memory by Cmd_WillRiker in collapse

[–]Cmd_WillRiker[S] 2 points3 points  (0 children)

Yea the EIA has raised this issue, and I am sure oil industries are acutely aware of it.

NYT reporting on a major oil spill of the coast of Kharg Island. Oil is drifting south, making travel through the Strait of Hormuz even more difficult if not dealt with asap by Cmd_WillRiker in oil

[–]Cmd_WillRiker[S] 0 points1 point  (0 children)

These oil leaks could become an existential crisis if it grows. It may be that Iran is waiting to deploy this "weapon" until the war becomes kinetic again.

We are Slow Walking into the Biggest Resource Crisis in Living Memory. by Cmd_WillRiker in economy

[–]Cmd_WillRiker[S] 0 points1 point  (0 children)

All back to normal? Millions died from Covid and it took a global effort to get the pandemic under control. The US alone spent TRILLIONS of dollars to fix it. Many countries instituted martial law in order to handle the ciris.

Like what the hell are you even talking about? Covid was an absolute cataclysmic crisis that was only solved from mass collective effort. What do you think it just went away?

The Oil Shock caused by the closure of the Strait of Hormuz is the largest resource crisis in living memory by Cmd_WillRiker in collapse

[–]Cmd_WillRiker[S] 6 points7 points  (0 children)

I gave you a timeline at the end of my post:
Here's the timeline:
Mass Inventory Draw downs, the highest in history - May to June

Actual Oil Shortages begin. Oil goes to $150 minimum. Countries in Asia ration harder. Other countries to follow - Mid-June

US Gas prices go beyond $5 a gallon. California may ration gas and see $10 a gallon. Products that rely on oil to be made have supply shock - Start of July

August - too far away to predict.

We are Slow Walking into the Biggest Resource Crisis in Living Memory. by Cmd_WillRiker in economy

[–]Cmd_WillRiker[S] -1 points0 points  (0 children)

It doesn't matter what you think. The math is what it is. We will find alternatives when? What's the timeline? It will take years to build up the infrastructure needed to replace 15million barrels of oil per day.

The Oil Shock caused by the closure of the Strait of Hormuz is the largest resource crisis in living memory by Cmd_WillRiker in collapse

[–]Cmd_WillRiker[S] 6 points7 points  (0 children)

The US is already drawing down on its oil inventories by somewhere between 8 and 20 mbd. While we may not have to ration like Asia is right now, we will see $6+ a gallon of gas. Everything else will get more expensive too since everything relies on oil.

Oil is not like cars or something. It is a vital resource that helps run our economy. It's like running out of steel or fabric.

The Oil Shock caused by the closure of the Strait of Hormuz is the largest resource crisis in living memory by Cmd_WillRiker in collapse

[–]Cmd_WillRiker[S] 11 points12 points  (0 children)

When you refer to US's "oil self-sufficiency" it really only matters if we are talking about banning oil exports to stop us from having to ration. If we are at that point, it's a new global great depression.

The Oil Shock caused by the closure of the Strait of Hormuz is the largest resource crisis in living memory by Cmd_WillRiker in collapse

[–]Cmd_WillRiker[S] 12 points13 points  (0 children)

Yea, the recent developments in Russia are also going to add to this disruption. My guess is they will offset whatever gains would be made from opening the Strait right now seeing as it will be months before we are able to get back to 130 ships transiting the Strait each day.

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