Hedge Fund Fun. The Energy Report 09/17/2024

Have the hedge funds finished their fun with the downside oil the oil market. The record-breaking hedge fund assault with a record-breaking short position amassed during the three-day holiday seems to have abated after WTI crude closed back above some key trendlines and above $70 a barrel.
Still while the current price of oil is way out of whack with the low inventory readings we are getting in Cushing Oklahoma, where supply is just above ‘tank bottoms”  and supplier have not bounced back after Hurricane Francine as quickly as hoped, the hedge funds can take advantage of the angst surrounding a ballooning US budget deficit and pathetic jobs report as walk as ongoing concern about the crashing Chinese economy.
MarketWatch reported that “In Asian trading, Hong Kong’s Hang Seng swung between gains and losses during the day. closing 0.3% higher at 17,422.12 after data released over the weekend showed China’s economy slowed further in August. Factory output, retail sales, and investment failed to meet expectations. Meanwhile, the unemployment rate unexpectedly surged to a six-month high, adding to challenges.” “
The drums of a deepening economic slowdown are beating louder, and it’s time for China’s leadership to decide whether to step up or risk sliding further into stagnation,” Stephen Innes of SPI Asset Management said in a commentary.”
Powering the future. On Fox News Live this weekend I was on with Arthel Neville discussing how fracking is going to play a major part of the United States in driving our economy into the future.  In fact, natural gas is already playing a large part by helping to power the needs of data centers. Artificial intelligence as well as crypto currency mining. The power generation need to fund these critical areas that will dominate the global economic landscape for the next 1q00 years cannot be sidetracked by environmental do-gooders who often fail to think out the impact on the economy and the environment by their short-sighted band aid approach to reduce carbon emissions. In many cases their cures for the environment tur out to be much worse than the dieses because they have politicians with an agenda as opposed to people who understand how vital energy is and the reliability of energy is for the safety and protection of our nation and the world.
I have clients who provide gas to the data centers and if they were ever curtailed in doing so it would be a major setback to the prospects of our economic future.
Whether we like it or not Artificial Intelligence is the future and the country that dominates that sector will lead to the global economy of the future.
Make sure that you stay tuned to the Fox Business Network! Invested in you! Call to open your Price group account by calling me at 888-264-5665 or emailing me at pflynn@pricegroup.com.