Biden Said He Knew. The Energy Report 10/21/2024

President Biden said Friday that he knows how and when Israel will carry out its attack on Iran as Tehran warns it will respond “decisively.”  When asked by reporters if he has a “good understanding” of what Israel’s response to Iran’s Oct. 1 ballistic missile attack would entail, and when it would occur, Biden said succinctly: “Yes and yes.” “Can you tell us?” a reporter asked.  “No and no,” the president said.

Yet know there are reports that someone in the Biden Whitehouse leaked Isreal’s plans to Iran, and if true is a very serious crime.

The AP Reported that “ The United States is investigating an unauthorized release of classified documents that assess Israel’s plans to attack Iran, three U.S. officials told The Associated Press. A fourth U.S. official said the documents appear to be legitimate.

The AP says that the documents are attributed to the National Geospatial-Intelligence Agency and National Security Agency and note that Israel was still moving military assets in place to conduct a military strike in response to Iran’s blistering ballistic missile attack on Oct. 1. They were sharable within the “Five Eyes,” which are the U.S., Great Britain, Canada, New Zealand and Australia.

If true, this should be a huge embarrassment for the Biden Administration for the for total incompetence. Or if it was leaked om purpose it is almost treasonous and a crime that should be investigated.   If our allies cannot trust us that becomes a problem.

Are there pro-Iranian people in the Biden Administration that have leaked Israel plans.

If you compare the Biden administrations record of failed diplomacy with Iran with Russia and now the leak of this war plan makes you wonder what the heck is going on with this administration.

By contrast if you look at the way that Israel has conducted its war against it the terror attacks of October 11th you have to be very impressed.

This may backfire on the Biden Administration.

Biden thought that that it had persuaded Isreal not to attack Iran oils fields and nuclear sites which of course would have caused an energy price spike ahead of the election.

 After the leak and the weekend attack on Israeli Prime Mintersters home I would bet, that Israel is going to have a new plan.

  Israel’s government said a drone targeted Prime Minister Benjamin Netanyahu’s house Saturday, with no casualties.

Netanyahu blames the agents of Iran and say that they have made a” grave mistake”.    He said that Iran would “pay a price” for a drone attack,

Reports say that Israel is preparing for a “very significant attack” in Iran, and I would bet after the escalation that they may hit targets that were off limits in the leaked plan.

With the weekend reports keeping up the price of oil the International Energy Agency is desperately trying to cool things off.

Yet again they’re making a major warning about Chinese oil demand which contrasts with what we’re hearing from OPEC at the same time.

Marketwire reports that “Growth in the already weak global demand for oil will continue to weaken. According to the International Energy Agency (IEA), this is attributed to the slowing Chinese economy and the rapid adoption of electric vehicles.

“This year, global oil demand is very weak, much weaker than previous years, and we expect this will continue because of one word — China,” comments Fatih Birol, executive director of the IEA, in an interview with Bloomberg News.  Chinese oil consumption fell by 500,000 barrels per day in August compared with the same period last year, IEA figures show.

Yet OPEC says that they see Chinese oil demand to be healthy and improving.

Regardless we should see some more drawdowns and U.S. oil inventories this week as we’re looking once again for draws across the board.

Natural Gas under pressure EBW Analytics said that “the November contract price collapse extended substantially deeper as the bearish near-term weather forecast shed another 20 gHDDs last week while production turned higher—a potent bearish 1-2 fundamental combination that could repeat this week. Over the weekend, the forecast shed another 9 gHDDs and supply was up 0.7-0.9 Bcf/d weekend-over-weekend, with Permian supply estimates touching all-time highs.

While nearing technically oversold levels short term, the long-term outlook remains overtly bearish.

Oil traders better download the Fox Weather AP.

Fox Weather reported that “Tropical Storm Oscar slams Cuba with torrential rain, life-threatening flooding after moving through Bahamas

The small but mighty storm made landfall near Baracoa in the Cuban province of Guantanamo just before 6 p.m. ET as a Category 1 hurricane with winds of 80 mph – its second landfall of the day.

Earlier on Sunday, Oscar made its first landfall on Great Inagua Island in the Bahamas – also as a Category 1 hurricane with winds of 80 mph.

Stay Tuned to the Fox Business Network! Call to open your account at 888-264-5665 or email me at pflynn@pricegroup.com

 

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