Bloomberg - May 31 - China is back No much Biden can do now. SPR bullet used, with EU ban export ban would be tough and turning back on Europe making Russia more powerful. Summer driving is here. Even with a muted driving season it is still a growth and capacity issue.
More mentioning a spike to $150+....som say that will lead to demand destuction and make oil drop back to $120.....
My comment would be if demand destruction drops us back to $120 well that is interesting.
What a difference a year makes.
https://www.bloomberg.com/news/articles/2022-05-30/oil-extends-sixth-monthly-gain-as-eu-set-to-curb-russian-supply?sref=d39KtWbu&utm_campaign=socialflow-organic&utm_content=energy&utm_source=twitter&cmpid%3D=socialflow-twitter-energy&utm_medium=social Oil Roars to Sixth Monthly Advance on EU Ban, China’s Reopening
Oil headed for its longest run of monthly gains in more than a decade as European Union leaders agreed to pursue a partial ban on imports from Russia and China further eased anti-virus curbs, aiding demand.
Brent crude topped $124 a barrel, hitting the highest level since early March. The latest round of EU sanctions would forbid buying oil from Russia delivered by sea but includes a temporary exemption for pipelines, European Council President Charles Michel said. The package, designed to punish Moscow for the invasion of Ukraine, also proposes a ban on insurance related to shipping oil to third countries.