2022/08/17 (057) Technical Analysis – UKOIL

May We Saw US Inflation Peak In June 2022,
But With Still Historic Consumer Prices Ahead?
That`s Why I Don`t Except Oil Above 100 USD Anymore!


Saudi Prince Made $500M Russia Bet At Start Of Ukraine War

Kingdom Holding is 16.9% owned by Saudi Arabia’s sovereign wealth fund chaired by crown prince Mohammed Bin Salman. The Saudi Arabia’s Kingdom Holding Co., the investment firm controlled by billionaire Prince Alwaleed Bin quietly invested more than $500 million in 3 major Russian energy companies between February & March, regulatory filings showed.

Over the weekend, Saudi Aramco also posted historic record profits, unmatched by any publicly traded company since it was required to publish. In contrast to the whole green socialist madness, under the guise of a liberal democracy, in our so called west, if I observe and/or can judge correctly, the Arab state does not dig into the coffers of its most important companies, but lets them invest in the expansion of oil production. So that the cash flow remains secured, the company and all employees can finance themselves. And that without left-wing politicians who trying to morally discredit them because of their own craving for political power: “Black oil stinks. It’s dangerous for the environment! We have to transform to green energies…” However, investing in Gazprom, Rosneft and/or Lukoil, the Kingdom Holding was likely seeking undervalued assets, but its move came as many Western nations imposed sanctions on Russian energy firms and their executives following Russia’s invasion of Ukraine on Feb. 24. Saudi Arabia and other Gulf states have so far tried to maintain what they say is a neutral position on the war in Ukraine, frustrating some Western officials who have sought to isolate Russia over the invasion.

Saudi Aramco profit jumps as oil prices soar. The Kingdom Holding in February invested in global depository receipts of Gazprom and Roseneft worth 1.37 billion riyals ($365 million) and 196 million riyals ($52 million) respectively. The firm also invested 410 million riyals ($109 million) in Lukoil’s U.S. depository receipts between February and March, filings showed on Sunday as part of a lengthy disclosure of recent investments. It gave no reason for any of its specific investments. Kingdom Holding, which is 16.9% owned by Saudi Arabia’s sovereign wealth fund chaired by crown prince Mohammed Bin Salman, had not previously revealed the details of its investments.

By the way, JPMorgan CEO Jamie Dimon meanwhile also seams to believe that climate change can be addressed even if America decides to boost production of natural gas and oil. In a recent client call, insisted that boosting natural gas production in the United States was not at odds with the goal of reducing greenhouse gas emissions. “We should focus on climate. The problem with that is because of high oil and gas prices, the world is turning back on their coal plants. It is dirtier,” Yahoo Finance reported of Dimon’s call last week. “Why can‘t we get it through our thick skulls, that if you want to solve climate [change], it is not against climate [change] for America to boost more oil and gas?” Dimon reportedly said. Interesting! Isn`t it? The first powerful banker, from WallStreet, perhaps even the most successful today, in our so called west, seems to be understanding and/or realizing that green energy, green money, was and is nothing but a left-wing state-organized pretext to drive prices (consumers & taxes) up. Of course, he`s diplomatic enough. And i don`t will put him my words in his mouth. Don`t udnerstand me wrong. But this whole green politic, in our so called west, is only to stuff own politicans pockets, like in the former GDR, in the formerYugoslavia, in the former Soviet Union. Until the electorate realized that the current political class was and is out of touch with they. And this hopefully healthy, peaceful, self-confident and free, rebelling in a civilized manner for free new elections. Even like in my home country here in Germany – at the time of reunification in 1990. And not like in my fatherland, where, also after elections, after the fall of former Yugoslavia, unfortunately it couldn’t work at the time without millitant resistance – even war. Apparently between Kroats & Serbs it didn`t go without war, in the 90`s, like in Eastern Ukraine, today.

But Back To The Price Action Of Oil In The Last 24 Hours

WTI crude futures rose toward $88 per barrel on Wednesday after an industry report showed a larger-than-expected decline in US crude inventories, falling by 448,000 barrels last week compared with market forecasts of a 117,000 barrel drop. Meanwhile, the US oil benchmark lost more than 8% in the previous three sessions and sank to its lowest in six months as a potential boost in Iranian supply coincided with mounting risks of a global recession. The EU said on Tuesday that it was studying Iran’s response to a “final” draft agreement on reviving the 2015 nuclear accord, and analysts said that a potential deal could unleash about 2.5 million bpd of Iranian crude to the global markets. Investors also continued to grapple with rising risk of a global economic slowdown that could heavily impact energy demand, with major central banks set to raise interest rates further to bring down inflation.

While this morning, on wednesday, oil futures extended losses into a fourth session to trade below $92 per barrel Wednesday, the lowest since February as mounting risks of a global recession and a potential boost in Iranian supply more than offset a larger-than-expected decline in US crude inventories. The EU said on Tuesday that it was studying Iran’s response to a “final” draft agreement on reviving the 2015 nuclear accord, and analysts said that a potential deal could unleash about 2.5 million bpd of Iranian crude to the global markets. Investors also continued to grapple with the risk of a global economic slowdown that could heavily impact energy demand, with major central banks set to raise interest rates further to fight inflation.