Pump plugs in the Belgian oil field and the fourth largest oil field in California.
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The current energy market picture looks good for pet bulls.
At 10:30 pm on Wednesday, the stock fell to $ 78.47, but international standards did not exceed the long-awaited $ 80 barrel. West Texas Medium traded at $ 74.73 per barrel.
As winter approaches and gas congestion in Europe, the picture of interest seems promising. But some experts warn that prices could be as high as a corner.
Fuel prices vary with supply costs. Instead, they are on the verge of a breakdown in interest rates, which we estimate to be $ 80 / bb. That’s what Morgan Stanley wrote in June, and on Tuesday the bank wrote, “This will remain our thesis.”
He added, “It can be very difficult to estimate the cost of the damage. Our pricing forecast has not changed so far, but we are aware that in the current trends, our bull market situation is clearly approaching $ 85 / bb. . ”
Last month, Morgan Stanley cited an average of 3 million barrels of crude oil per day and predicted that the world’s oil supply would grow.
“These odds are high and the market as a whole is much lower than expected,” said analysts Marty Rat and Amy Sagittarius.
He also said that flights and transportation “will close the gap to pre-Kovid standards” on commercial flights.
Still, not all signs are bullying.
Delta alternatives slowing economic growth in East Asia and Pacific, World Bank said Tuesday And China could grow in the Evergrande crisis and power shortages in factories, homes and supply chains.
London-based PVM Oil Associates senior analyst Stephen Brenock said: “China’s economic problems are overshadowing the demand for oil coins and have warned of price volatility.”
Higher energy prices also lead to higher inflation, which puts a high risk on demand.
“Inflation is one of the biggest causes of inflation,” Brenock said in a statement on Tuesday. And worse inflation acts as a drag on weak economic recovery and fuel consumption. This brings us to the point of question destruction.
Some of the world’s largest oil importers, China and India, have begun to sell oil from their strategic reserves in unprecedented quantities. Although it failed to lower world prices, it did deliver a significant message.
“The cause of this event is costly,” wrote Brenock. At more than $ 70 / bb, raw materials seem to be too expensive for Beijing and New Delhi … $ 80 / bb worth of oil could be a serious pain for these key buyers and could weaken imports.