As Omicron anxiety fades (and even morphs into talk of the end of the pandemic phase of COVID), oil demand fears have faded and crude prices have ripped back higher, erasing any losses enabled by Biden's SPR Release headlines also...
And pushing WTI back up to its highest levels since 2014...
So where does oil go next?Oil to $100
Easy, Putin thinks so!
It is "quite possible" that the WTI Crude oil prices reach $100 per barrel in light of growing global demand for energy commodities, Russian President Vladimir Putin said on a CNBC panel at the Russian Energy Week in October.
Asked by CNBC’s Hadley Gamble whether the US benchmark could hit $100 a barrel, Putin replied "That is quite possible."
Additionally, Trafigura, one of the world’s largest independent oil traders, affirmed Putin's thinking, noting that recovering global oil demand could send oil prices to $100 a barrel, despite COVID challenges to demand.Oil to $200?
Building on that theme, Russian and OPEC ministers warned last year that if the 'Net Zero By 2050' plan is enacted, "we'll see $200 oil."
If the world were to follow the International Energy Agency’s controversial road map, which said investment in new fields would have to stop immediately to achieve net-zero carbon emissions by 2050, "the price for oil will go to, what, $200? Gas prices will skyrocket," Russian Deputy Prime Minister Alexander Novak said.
The "euphoria" around the transition to clean energy is "dangerous," Qatar’s Energy Minister Saad Sherida Al Kaabi said at the St Petersburg International Economic Forum in Russia in June.
And after a magnificent year in 2021, commodities trader Doug King, who manages the $244 million Merchant Commodity Fund, said oil could soon hit $100 and even $200 over the next five years due to a lack of...