ENB Publishers Note: World production is extremely limited as it has no access capacity due to a lack of investment, geopolitical issues, and the ESG movement. This is a short-term bear market. A slight increase in crude supplies will be balanced within weeks.
Crude oil prices saw another volatile session on Wednesday but ended the day unchanged, despite signs that higher prices are affecting demand, Australia’s ANZ Bank said in a Thursday note.
However, oil prices started falling early Thursday ahead of an expected large US rate hike that could keep inflation at bay and curb demand.
US demand for gasoline fell to 8.1 million barrels per day last week, lower than the same week in 2020 and the lowest seasonally since 1996, ANZ Bank said, citing government data. The US Energy Information Administration also reported an increase in commercial stockpiles of 3.3 million barrels last week.
The structural tightness in the crude oil market looks to be providing price support, the bank noted. Meanwhile, a political crisis in Libya has halved exports to 610,000 barrels per day, amid OPEC’s continuing struggle to raise output due to lack of investment, ANZ Bank said.
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience in implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor in this space. Stuart has led the “Total Corporate Digital Integration” platform at Sandstone and works with Sandstone clients to help integrate all aspects of modern digital business. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage and is the Co-Host of the energy news video and Podcast Energy News Beat.
Stuart is on Board Member of ASN Productions, DI Communities
Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.