Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
In the week since our last edition of What’s Affecting Oil Prices, Brent rose $0.24/bbl last week to average $71.62/bbl while WTI fell $0.29/bbl last week to average $63.80/bbl.
For the week ahead, we expect prices to see a lift from the Iran sanction announcement on Monday morning, with Brent averaging closer to $73/bbl this week but with upside surprise possible.
While we continue to track downside risks, markets are clearly in bull mode and a sharp correction may not be imminent. In the weeks ahead we expect higher than usual refinery maintenance in the United States to lead to crude builds, which could begin to weigh on prices.
While demand remains healthy, it is not surprising to the upside. When it comes to global supply, the Iran waiver announcement could tighten supply, but likely not as much as current market reactions suggest. Iranian oil exports are unlikely to fall completely to zero due financial sanctions alone and the removal of waivers actually raises the likelihood that the OPEC+ supply agreement is not renewed in June, adding more supply to markets.
Geopolitical: Positive
Dollar: Neutral
Trader Sentiment: Positive
Supply: Positive
Demand: Neutral
Refining Margins: Neutral
Recommended Reading
Tech Trends: Safety, Speed, Savings: Automation is Transforming Drilling
2024-03-26 - Drilling is getting smarter through automation, delivering efficiency, consistency and reliability.
AI Advancing Underwater, Reducing Human Risk
2024-03-25 - Experts at CERAWeek by S&P Global detail the changes AI has made in the subsea robotics space while reducing the amount of human effort and safety hazards offshore.
CERAWeek: Large Language Models Fuel Industry-wide Productivity
2024-03-21 - AI experts promote the generative advantage of using AI to handle busywork while people focus on innovations.
Geothermal ‘Could Save the World,’ but Faces Familiar Subsurface Risks
2024-03-20 - CERAWeek panelists discussed hurdles to widespread use of Earth’s heat to generate power — problems familiar to oil and gas operators.
CERAWeek: AI, Energy Industry Meet at Scary but Exciting Crossroads
2024-03-19 - From optimizing assets to enabling interoperability, digital technology works best through collaboration.