Not AF1 Joe got an early start today
Not AF1 Joe 82-8000 on descent for Miami Int'l from JBA depart
09-0017 USAF C-32A heading to MacDill AFB also from JBA depart
refresh
>>67377 pb
RCH825 USAF C-32B departed Stuttgart Int'l nw after a 2 hour or so ground stop-departed somewhere from the middle east-data trace incomplete (SA mebby?)
This AC departed Bragg after a ground stop on 0629 then a refuel at Rota NB, Spain
Depart Rota and vanished from screen around Sinai Peninsula-picked up earlier today about same heading to Stuttgart
WTI Surges Above $75 As OPEC+ Raises Output Less Than Expected
Brace for shock at the pump. WTI crude prices surged by over $2, rising more than 3% to $75.8/bbl...(it's cooled off to just above $75 at present-see cap #2)... the highest since 2018... amid reports that ahead of the conclusion of today's OPEC, JMMC and OPEC+ meetings, Saudi Arabia and Russia have agreed on a preliminary deal regarding raising oil output, one which will include a monthly oil output increase of less than 500k bpd to OPEC's current holdback of 5.8 million barrels until December-2021, which is less than the market consensus of 500kbp/d. Reuters adds that OPEC+ is also likely to ease oil output cuts by 2 million bpd between August and December, which suggest that OPEC+ is weighing inflation risks in the short-term, however by year-end the market is expected to be in a deficit of over 3mmb/d, which is why most banks have projected oil to rise above $85 toward the end of the second half.
Additionally, local sources add that OPEC+ is currently debating extending the production deal to the end of 2022 (from the original April 2022), according to a delegate, which will lead to the further supply constraints and even higher prices. While OPEC+ intentions should hardly be a surprise to the market, the fact that oil prices are only now spiking shows how far behind the curve algos and CTAs have been. Or as energy expert Art Berman puts it, "So much commentary about how OPEC doesn’t matter any more yet today so many tweets expressing frustration with OPEC for not increasing supply."
The OPEC+ meeting is happening against a backdrop of tightening supply. Crude inventories in the U.S. are falling at the fastest rate in decades, while shale producers are remaining disciplined with their spending and won’t overwhelm OPEC, ConocoPhillips Chief Executive Officer Ryan Lance said on Wednesday. In another bullish sign, TotalEnergies SE, one of Europe’s biggest refiners, bid for benchmark Forties crude at the highest premiums in 17 months.
"We absolutely think prices are going to continue to rally, especially if OPEC adds anything up to 500,000 barrels per day,” Amrita Sen, chief oil analyst at consultant Energy Aspects, said in a Bloomberg Television interview. “It’s a drop in the ocean.” “Anything less than a 500,000-barrel-a-day supply increase in August will be enough to see the bulls push the market higher,” said Warren Patterson, head of commodities strategy at ING Group in Singapore. “While there are concerns over rising cases of the delta variant in some regions, the market is doing a good job at ignoring it for now.”
The market agrees: not only are spot prices surging, but WTI prompt backwardation surged, with the nearest timespread touching $1 a barrel intraday, rising as much as 30c, the strongest since September 2019, and trading at 86c as of 7:33am New York time, an indication the market sees supply deficits extending for a long time.
Some secondary details ahead of the completion of today's OPEC+ meeting expects non-OPEC members Kazakhstan, Oman, Brunei to compensate 490k BPD until the end of September. So far, Russia has not offered any plans for compensation. Among the OPEC members, Iraq, Guinea and Gabon are expected to compensate a total of 960k BPD.
And while the surging oil prices is great news for the likes of the world's biggest oil producer Russia, and Vladimir Putin, it may not be so great for US consumers as the average US gas price is set to rapidly approach $4.
https://www.zerohedge.com/markets/brace-shock-gas-pump-wti-surges-above-75-opec-raises-output-less-expected
https://www.macrotrends.net/2566/crude-oil-prices-today-live-chart