Away from crude prices, here are some thoughts on the Europe's LNG woes, the jet fuel market and the rapidly dwindling 'war windfall' of oil and gas majors. Away from musings on Forbes, the Oilholic is busy getting back on the speaking circuit, resuming dialogues with energy industry movers and shakers for market insights, offering analysis on international broadcasts, and more. All in all - it's been a hectic four weeks. But fear not, blogging here will also pick up pace shortly. Just getting a few things on track for the exciting road ahead. That's all for now folks! More soon! Keep reading, keep it 'crude'!
Thursday, August 31, 2023
We're four months from the end of crude trading year 2023 and oil prices appear to be stuck at $80+ per barrel levels. And for all the market chatter of $100 per barrel oil prices, a July and early August rally, tightness in the physical market and all else in between - there seems to be no convincing bullish or bearish pattern either way. So here are one's musings on the direction of travel and what hedge funds are up to via Forbes.
The global crude market for all intents and purposes remains challenging. Tight physical supply in the wake of Saudi and Russian cuts, unexpected industry outages and summer demand can only do so much to support higher prices when the wider economic climate remains dicey in a high interest setting. Simply put, as long as global central banks remain hawkish, the crude market is unlikely to fire up to levels (shall we say three figures) the perma-bulls hope for.
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© Gaurav Sharma 2023. Photo © Image by Terry McGraw from Pixabay.