Russian wholesale gasoline Ai-92 grade prices fell by 9.7% to $582 per metric ton on Sept. 22 following a government ban on fuel exports.
Stratas Advisors still holds the view that oil prices will not break through $100/bbl this year.
Rig counts are falling—a reflection of higher interest rates and labor costs that now affect drilling costs, moving break-even prices even higher out in the price curve.
Sempra Infrastructure’s Dan Brouillette, former U.S. energy secretary, describes the shift in thought on climate, energy and economic policy.
Gazprom accounts for more than half the increase in China's gas imports this year, says CEO Alexei Miller, after Gazprom's natural gas exports, mainly to Europe, almost halved last year after the West responded with economic sanctions to Moscow.
Stratas Advisors expects that oil prices will moderate in fourth quarter 2023 after the increase in prices in third quarter 2023.
Stratas Advisors is forecasting oil demand will outstrip supply by 1.24 MMbbl/d in third quarter 2023 and by 1.11 MMbbl/d in the fourth quarter.
OPEC+ will remain intent on adjusting supply to align with demand.
Dennis Kissler of BOK Financial Securities analyzes the net impact of crude futures that seem landlocked by price in this Hart Energy exclusive.
Oil prices are being affected by production shutdowns in Libya, inflation falling in the U.S. and the sentiment of oil traders.