We are in the middle of a fairly ferocious energy price spike. The spike could be checked by a move back towards normality in Venezuela, or by a release of U.S. strategic reserves. However, the application of either of these brakes does not look particularly imminent, and in their absence the upwards pressure is likely to continue.
More Quotes from Paul Horsnell:
The industry has gone through such a contraction that getting it to expand again is proving difficult. These companies are not equal to the sum of their parts.Paul Horsnell
The market seems to have pushed far too far, far too fast and on the basis of far too little hard information.
Paul Horsnell
The shortage is in gasoline, so you would need to add huge amounts of crude oil to have even a minor impact on prices. This is a time when the shortage has nothing to do with crude oil, and OPEC cannot fix it.
Paul Horsnell
The market faces the prospect of years without sufficient flexibility or insulation from shocks during a period of extreme geopolitical stress.
Paul Horsnell
But the scale of the fall remains beyond that which would be expected, given the difference in supply lines, and regardless of its motivation it still raises the question as to how inventories for the driving season can be built in a timely fashion.
Paul Horsnell
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