geopolitics

OPEC+ is now producing below its targets by a record 3.58 million barrels per day – about 3.5% of global demand – highlighting underlying tight supply in the oil market…

Bank of America Securities analysts laid out cases in a recent note to clients for oil prices to both rise and fall by as much as $20 over the next few months.

Limited global LNG supplies could be “really, really tight this winter.”

The U.S. average price for regular unleaded gasoline has fallen for 11 consecutive weeks to $3.81 a gallon, according to GasBuddy data.

Saudi Energy Minister Prince Abdulaziz bin Salman said ‘cutting production at any time’ was an option for OPEC+…

Natural gas markets in Europe jumped 6% on Wednesday to €236 a megawatt hour, taking the week’s gains so far to 14%.

“The average US price of retail gasoline has fallen by more than USc 80 per gallon (16%) since the mid-June peak, which should support demand in August…”

U.S. distillate consumption has begun to fall in line with the deceleration in manufacturing activity.

13 million barrels per day: that is Saudi Arabia’s maximum rate of production as stated the previous weekend by Prince Mohammed Bin Salman.

Natural-gas futures have jumped 48% this month—including 10% on Wednesday —to $8.007 per million British thermal units, reversing last month’s plunge and reviving a key driver of inflation.

US front-month natural gas futures closed at $6.426 cents per million Btus, compared to gas trading at around $48 per mmBtu in Europe and $39 in Asia.

Headlines for the week of July 4 – July 10