RE:Lvl 2I don't think large money is excited by 77 oil as it is same as when NG got boosted to 2.50 nymex due to cold weather. Temporary USA oil production outages get people hyped up.
USA production was down 1m barrels last week and those barrels will come back fast. Above melting temp in North Dakota this weekend.
77 dollar oil right now is going to do more harm than good for rest of 2024.
Big problem right now is LNG prices in Japan and Europe and everywhere are 60% lower than last year.
8-9 dollar in Japan and Europe instead of 20.
Oil is going to be uncompetitive with NG in 2024...and thos countries will electrify their economies hard.
OPEC is getting a slow lesson. Low LNG prices is last missing piece as petrochemical industries that use oil are in rough shape with LNG cheap