Oil 12 (Feb 21 - Sep 23)

[winston]

“Robust oil demand” in 2023.

World oil demand in 2023 will rise by 2.25 million barrels per day (bpd), or about 2.3%, the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report.

The forecast was steady from November, after a series of downgrades.

As to just how high oil might go next year, here’s IG Bank with a roundup of price targets:

The US Energy Information Administration currently (as of the December 6, 2023) forecasts an average price of $92/barrel in 2023.

A Reuters poll of 38 economists / analysts (as of the December 1, 2022) provide a median estimate of $100.50/barrel.

JP Morgan Chase & Co. forecast brent crude oil to average around the $90/barrel level in 2023 (as of November 30, 2022).

Goldman Sachs economists have suggested (November 8, 2022) that if China ends its lockdown policy, oil could race to $125/barrel.

Even if the low forecast of $92 from U.S. Energy Information Administration is correct, that’s still roughly 20% higher than today’s price of about $77.

Source: Investor Place

[behappyalways]

Crude Spikes After White House Says It Will Start Refilling Strategic Petroleum Reserve
https://www.zerohedge.com/commodities/c ... -petroleum

[behappyalways]

The Era Of Cheap Oil Has Come To An End
https://www.zerohedge.com/energy/era-ch ... s-come-end

[behappyalways]

石油人民幣崛起 美帝威脅也再起!? 習近平力拚"石油人民幣"直追石油美元 美國釋出大量戰備儲油穩定油價 中國不計代價搶買美國急回購...｜20221220｜@inewsplus
https://m.youtube.com/watch?v=B9DEyawblQ8



Russian Oil Exports Collapse More Than 50% As Exxon Shuns Tankers That Hauled Russian Crude
https://www.zerohedge.com/commodities/r ... sian-crude

[winston]

Oil Falls as US Stockpiles Rise, Fears Over Covid Wave Mount

by Devika Krishna Kumar

US crude inventories rose by a modest 718,000 barrels last week.

Crude is heading for the first back-to-back quarterly loss since 2019 after a volatile year that saw futures surge following Russia’s invasion of Ukraine before retreating as concerns over a global economic slowdown mounted.

Source: Bloomberg

https://finance.yahoo.com/news/oil-exte ... 34572.html

[behappyalways]

Saudi Arabia Cuts Oil Prices To Asian Markets Amid Sluggish Demand
https://www.zerohedge.com/commodities/s ... ish-demand

[behappyalways]

China's Biggest Oil Trading Firm Goes On A Buying Spree
https://www.zerohedge.com/markets/china ... ying-spree

[behappyalways]

Chartmaster: Oil prices heading higher?
https://m.youtube.com/watch?v=QKQLUFfFNDI

[winston]

Opec expects demand will exceed pre-pandemic levels

OPEC expects oil demand to exceed pre-pandemic levels this year, reaching almost 102 million barrels a day.

Demand is projected to further rise to 110 million barrels per day by 2025.

Meanwhile, China's state-owned oil refining giants are speeding up purchases of Russian crude, citing the allure of cheap cargoes from the Opec+ producer as demand recovered after Covid Zero was ditched.

Russia plans to reduce its crude oil production in March by 500,000 barrels per day, or about 5 percent of output, deputy prime minister Alexander Novak said.

Source: AP

https://www.thestandard.com.hk/section- ... mic-levels

[behappyalways]

Biden Suddenly Orders Release Of Another 26 Million Barrels From Strategic Oil Reserve
https://www.zerohedge.com/energy/oil-sl ... -restarted