The risk to U.S. oil and gas production comes from within, and a recession looms on the horizon.
The Russian Federation’s illegitimate oil tankers are keeping the country’s economy afloat, analysts say.
The price of Brent crude could get a boost from Trump’s threats of sanctions on Russia, Iran and Venezuela, but it is doubtful it will break $72/bbl, Stratas Advisors says.
ConocoPhillips CEO Ryan Lance and TotalEnergies’ Patrick Pouyanné briefly delved into a Permian Basin versus Senegal debate at CERAWeek by S&P Global.
Prices were weighed down by concerns about economic growth, in part, because of more tariffs being imposed by the Trump administration, and OPEC+ reiterating that its production cuts would start unwinding in April.
The U.S. has the advantage with tariffs on Canada, but sanctions and pleas for increased oil supply are unlikely to be effective.
For the upcoming week, Stratas Advisors expects oil prices to continue bouncing around but overall trend upward.
The last gas pipeline connecting Russia to Western Europe has shut down, but don’t expect a follow-on effect for U.S. LNG demand.
Net long positions of WTI have decreased by 59% since Jan. 21 and are 61% below the level seen on July 16, 2024, when the price of WTI was $80.76.
The price of Brent crude oil did reach $77 on Feb. 18 before falling back with news that members of the Trump Administration were holding talks with their Russian counterparts.