![]() Last week, one of these events struck: a massive OPEC+ production cut of around 2% of global supply, with the remaining bullish factors still in play. Virtually any one of these factors alone could result in the oil price soaring.” ( The Undervalued Newsletter, October 2022 ) Oil has some strong tailwinds, including: OPEC+ production cuts, the ending of the US SPR releases (and possible refilling), China reopening, air travel recovering to pre-Covid levels, falling Russian production, OPEC production being near maximum capacity, and gas to oil switching. “We believe the fall in oil since June has largely been due to recession fears – that have been more than priced in – and also technical trading, with insufficient recognition of the tight physical market and supply that has depended on the record US Strategic Petroleum Reserve (SPR) releases that must come to an end. I’m now updating that forecast to “buckle up!” Join the discussion at discord.gg/VrKRrfKCz8.I said I was bullish oil in the October newsletter. Image credit: sesame/Getty Images, modified by CoinDesk. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. ![]() Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Learn more and register: /ideas - “The Breakdown” is written, produced by and features Nathaniel Whittemore, aka NLW, with editing by Rob Mitchell and research by Scott Hill. Use code BREAKDOWN20 for 20% off the General Pass. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Start your developer journey now by visiting NEAR at. More than 700 projects are now building on NEAR’s fast, secure and infinitely scalable protocol, from DeFi apps to play-and-earn games, NFT marketplaces and more. NEAR is a simple, revolutionary Web3 platform for decentralized apps, created by developers for developers. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. For more information, visit - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Chainalysis is the blockchain data platform. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. Finally, he explores how oil reflects political realignments that will shape the world in the years to come. He looks at how oil went from trading in negative territory in April 2020 to being a massive contributor to 2022’s inflation. On today’s episode, NLW provides a primer on the recent history of oil markets. ![]() This episode is sponsored by Nexo.io, Chainalysis, FTX US and NEAR.
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