Oil still can go higher
If this has just been a larger 1-2 setup, oil futures project to > 160.
What no one has been mentioning, is that Russia supplies > 200k barrels of oil per day and that the New York harbor is a major hub for the NE US. With sanctions and prices, the Colonial pipeline simply isn't able to make up this deficit....not to be alarmist, but some analysts I highly respect are giving a high chance that the NE could actually run out of gasoline.
The US has a law called the Jones Act that requires merchant vessels to be owned and staffed by US companies and people. Suspending this could easily make up this gap and get deliveries from ships that pass the US by.
What no one has been mentioning, is that Russia supplies > 200k barrels of oil per day and that the New York harbor is a major hub for the NE US. With sanctions and prices, the Colonial pipeline simply isn't able to make up this deficit....not to be alarmist, but some analysts I highly respect are giving a high chance that the NE could actually run out of gasoline.
The US has a law called the Jones Act that requires merchant vessels to be owned and staffed by US companies and people. Suspending this could easily make up this gap and get deliveries from ships that pass the US by.
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