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Gas prices – POLITICO

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The White House has one problem that rules them all: Gas prices – POLITICO

For the past several months, a White House-led team of economic specialists has marked each day in the same way: With a painstaking, state-by-state examination of gasoline prices and the intricate market forces pushing them relentlessly upward.

Senior officials and others close to President Joe Biden view those prices as the cost that most directly affects voters’ everyday lives, and therefore their perception of the economy as well. As such, Biden and his top advisers fixate on them with an intensity that some aides describe as obsessive. White House chief of staff Ron Klain has grown particularly absorbed by the issue, checking the average price of a gallon of gas every morning. He’s lamented that it’s the one item everyone knows the cost of because gas station billboards are so ubiquitous throughout the country.

Oil Inventories Down to Dangerously Low Point

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Oil Inventories Down to Dangerously Low Point

Crude oil inventories are down to a dangerously low point across Europe, North America, and OECD Asia just as OPEC spare production capacity has dwindled to the lowest levels since April 2020.

That’s according to a new BofA Global Research report, which was sent to Rigzone on Monday. The report also highlighted that petroleum product inventories have fallen to “precarious levels” for middle distillates and gasoline “as the market heads into the peak of the U.S. driving season”.

“As a result, refined petroleum cracks have recently spiked to record levels, contributing to boost volatility across the oil complex,” the BofA Global Research report stated.

“Most worryingly, strategic oil barrels held by OECD governments are already low and set to decline steeply going forward, leaving consumers exposed to any future negative supply shock,” the report added.

Oil falls on Russia/Ukraine talks and new lockdowns in China | Reuters

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Oil falls on Russia/Ukraine talks and new lockdowns in China | Reuters

LONDON, March 14 (Reuters) - Oil prices fell by around $5 a barrel on Monday as investors pinned hopes on diplomatic efforts by Ukraine and Russia to end their conflict, while a surge in COVID-19 cases in China spooked the markets.

Brent was down by $4.67, or 4.1%, at $108.00 a barrel at 1000 GMT, and U.S. West Texas Intermediate (WTI) crude fell $5.71, or 5.2%, to $103.62 a barrel.

Both contracts have surged since Russia's Feb. 24 invasion of Ukraine and are up roughly 40% for the year to date.

JPMorgan says $185 oil is in view if Russian supply hit persists | Markets – Gulf News

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JPMorgan says $185 oil is in view if Russian supply hit persists | Markets – Gulf News

Brent crude could end the year at $185 a barrel if Russian supply continue to be disrupted, JPMorgan Chase & Co wrote in a note Thursday.

Oil prices have skyrocketed, with Brent crude approaching $120 earlier Thursday as traders shun Russian oil after Moscow invaded Ukraine. U.S. President Joe Biden is facing calls to ban Russian imports of energy but so far has not imposed full blown sanctions on oil. VDO.AI

Currently, 66% of Russian oil is struggling to find buyers, JP Morgan analysts including Natasha Kaneva said in the note.

In the short term, the scale of the supply shock is so large that oil prices need to reach and stay at $120 a barrel for months to incentivize demand destruction, the analysts said, assuming there would be no immediate return of Iranian crude barrels.

"As sanctions have widened and the shift to energy security takes on an urgent priority, there will likely be ramifications for Russian oil sales into Europe and the US, potentially impacting up to 4.3 million barrels per day," the analysts wrote.