Posted 08 September 2018 - 08:14 AM
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Posted 22 September 2018 - 12:38 PM
CRUDE OIL: Continues To Hold Onto Upside Pressure, Targets 71.63
CRUDE OIL: The commodity closed higher the past week leaving risk of more strength in the new week. On the downside, support resides at the 70.00 level where a break will expose the 69.50 level. A cut through here will set the stage for a run at the 69.00 level. Further down, support resides at the 68.50 level. On the upside, resistance resides at the 71.00 level. Further out, resistance comes in at the 71.50 level. A break above here will aim at the 72.00 level and then the 72.50 level followed by the 73.00 level. All in all, CRUDE OIL remains biased to the upside.
Funny thing though is that i.e. Saudi now starts to invest in electric car tech... Although car industry represents a fraction of oil, the threat is present, of course it doesn’t prevent opep to play with supply...
Posted 22 September 2018 - 02:14 PM
Transportation, and that includes all modes of transportation including heavy machinery, ships, planes, trains and automobiles makes up about 25%. Oil goes well beyond that. Bitcoin mining for example uses as much power per year as the whole country of Ireland. By the end of 2018 power consumption of bitcoin mining is projected to almost triple! The internet gobbled up 10% of our energy consumption world wide in 2013 and is is set to be double that by 2025. With an ever increasing tendency. Countries need to respond to this ever increasing energy needs.
"The Kingdom plans to build two large nuclear power reactors as part of a program delivering as many as 16 nuclear power plants over the next 20 to 25 years at a cost of more than $80 billion. It has projected 17 gigawatts (GW) of nuclear capacity by 2032 to provide 15 percent of the power then, along with more than 40 GW of solar capacity."
"Saudi Arabia has received bids from four consortiums competing to win a contract for the $500 million Dumat Al Jandal project — the Kingdom’s first utility-scale wind farm."
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