RE:RE:Price of oil....Yes I agree. Gas situation is a long term one. Just look at AECO futures, if the problem was over why are 2024 and 2025 crazy high?
Europe will need LNG like crazy no matter what happens, so US will not be oversupplied.
Only reason inventory is high is because of Freeport outage. Take out 8 months of Freeport and US inventories woudl be below avg.
Now Freeport back, US LNG export capacity highest in all time. Also coastal gaslink is done end of this year.
Recession or no, oil consumption hits 102M this year. Globasl supplies are not high, and production gains have stopped. US production is near its peak. Look at growth slowing to a halt, maybe 0.5M growth this year? Basically nothing. Rig coutn gonig down too past few months, growth is done.
https://www.enverus.com/dailyrigcount/
US oil inventories are not high. Slight uptick due to refinery outages. SPR basically out of oil (they can't drain it all the way or caverns collapse permanently).
Just graph:
Total Crude Oil and Petroleum Products (Incl. SPR)
https://www.eia.gov/dnav/pet/pet_stoc_wstk_dcu_nus_w.htm
Chian reopening is hapenning strong. Massive oil imports overall. Just look at China flights back to precovid levels and will lkikley surpass 2019 this year.
https://www.airportia.com/flights-monitor/?country=CN