Oil prices are on the rise. It has key support as Saudi Arabia has enough confidence in global oil demand to raise prices and the Democratic party is screaming because President Trump and Elon Musk are working together to get rid of wasteful government spending. In fact most Americans are appalled at what they’re seeing coming out of the Department of Government Efficiency program. We all just wonder why the government has been allowed to be such a poor steward for our money. By shining a spotlight on government waste, fraud and corruption some are saying that’s a “dastardly deed”!
Rep. Al Green said Wednesday he was introducing impeachment articles against Donald Trump after the president said the U.S. would “take over” Gaza. “Injustice anywhere is a threat to justice everywhere. And injustice in Gaza is a threat to justice in the United States of America,” Green said in a floor speech Wednesday morning. “I rise to announce that the movement to impeach the president has begun. I rise to announce that I will bring articles of impeachment against the president for dastardly deeds proposed and dastardly deeds done.”
Of course, what really bothers Representative Al Green and most of the democrats is that you have to know the spotlight has been shined on the way that they have been able to slide money around to pet projects that would be abhorrent to many Americans. Americans find it appalling that the government has bought and paid for misinformation-supporting websites like Politico and given money to the New York Times with the assumption that they would return to them favorable coverage.
And even after spending that kind of money, the Biden administration was complaining that they weren’t getting their money’s worth because they felt that they were losing in the polls because the press didn’t do a good enough job selling their failing programs to the American public. The problem was they couldn’t put lipstick on the Biden policy pig and even they even tried to slant their version of the news going so far as to help cover up Biden’s health declines. They embraced the Biden administration's “Deepfake narratives” that you can’t believe what is in front of your eyes. News streams became almost a parody and to read what was supposed to be somewhat unbiased news streams turned out to be more outlandish. Sadly these new services made fools out of their readers and violated their trust.
The New York Times and Politico pushed proven false narratives like the Russian investigation and the Hunter Biden laptop story. POLITICO also published a draft Supreme Court opinion overturning Roe v. Wade, that put some Supreme Court justices living at risk without disclosing that they were bought and paid for by the government.
Their readers have been had as they’ve been fed a bunch of government-paid-for propaganda unbeknownst to the reader. Now if you want to talk about the term dastardly, I think the government’s buying of the free press is about as dastardly as you can get as a free society. The so-called journalists who took that money to promote propaganda should be ashamed. Just think of all the sacrifices that men and women in this country gave to protect the constitution and the First Amendment of the constitution.
The First Amendment of the Constitution really was unlike anything we have seen in the history of mankind and for the press to abuse this sacred privilege by allowing the government to influence what they write for money is extremely disappointing.
Seasonally the products should start to look pretty good. The oil inventories yesterday were obviously impacted by the weather. Overall the Saudis raising the price for their oil is a sign that global demand is very good.
Top oil exporter Saudi Arabia raised prices for all crude grades it sells to Asian customers for the first time in three months after the price of some Middle Eastern grades strengthened in December. State-owned oil giant Saudi Arabian Oil Co., known as Aramco (TADAWUL:2222), on Monday set its official selling price for February loadings of its flagship Arab Light crude to Asia–its main market–at $1.50 a barrel over the Oman/Dubai average, from $0.90 a barrel in January. Prices for other lighter and heavier crude grades were hiked as well. Aramco also raised its February prices for all grades for customers in northwest Europe and the Mediterranean by $1.30 a barrel for all grades, while it cut prices for the U.S. by $0.30-$0.40 a barrel. Brent crude, the international oil benchmark, traded at around $76 a barrel, while the U.S. oil gauge West Texas Intermediate was at around $73 a barrel in early European trade on Monday.
While the market was very concerned yesterday about the possibility of Chinese sanctions, I think the sanctions on Iran should offset that somewhat. OPEC stayed the course which was expected but I wouldn’t be surprised if President Trump starts to put a little pressure on the Saudis if oil prices go back up.
Reuters reports that, “The U.S. Department of Energy will prioritize expanding energy production overachieving net-zero greenhouse gas emissions, according to an order issued on Wednesday by Energy Secretary Chris Wright. The secretarial order is meant to align the department with priorities outlined by President Donald Trump, who has called climate change a hoax and has vowed to maximize already record-high oil and gas output.
“The movement to impeach the president has begun. I rise to announce that I will bring Articles of Impeachment against the president for dastardly deeds proposed and dastardly deeds done,” Green said Wednesday on the House floor.
We also saw headlines on Israeli Army Radio: Israeli defense minister instructs army to prepare a plan to allow Gaza residents to leave the strip. Israel orders the military to prepare “options” for the departure of Palestinians from Gaza to any country willing to receive them.
The union central bank Ollie Rehn the ECB should stand ready to ease borrowing costs to a level lower than neutral to boost growth. Those comments could move the euro currency a little bit later today.
Natural Gas report today: Natural gas has been rising recently and is forecast for more cold weather. Reuters reported that – U.S. energy firms likely pulled a near-normal 168 billion cubic feet (bcf) of natural gas from storage last week, according to the average estimate of analysts in a Reuters poll on Wednesday. That compares with a withdrawal of 110 bcf during the same week a year ago and a five-year (2020-2024) average decrease of 174 bcf for this time of year. If correct, the forecast for the week ended Jan. 31 would cut stockpiles to 2.403 trillion cubic feet, about 7.8% below the same week a year ago and around 4.2% below the five-year average for the week.
The U.S. Energy Information Administration is scheduled to release its weekly storage report at 10:30 a.m. EST (1530 GMT) on Thursday. There were 173 heating degree days (HDDs) last week, compared with the 30-year normal of 199 for the period, data from financial firm LSEG showed. HDDs measure the number of degrees a day’s average temperature is below 65 degrees Fahrenheit (18 Celsius) to estimate demand to heat homes and businesses. Reuters polled 14 analysts, whose estimates ranged from withdrawals of 138 bcf to 182 bcf, with a median decrease of 169 bcf. Early estimates for the week ending Feb. 7 ranged from withdrawals of 63 bcf to 190 bcf, with an average decrease of 106 bcf. That compares with a withdrawal of 60 bcf during the same week last year and a five-year average decrease of 144 bcf.