Should we therefore conclude that a return of $100 oil prices is imminent for the first time since July 2022 despite a high interest rate climate, tepid economic activity in China and wider consumer anxiety? The short answer is - yes (barring an unforeseen macroeconomic upheaval), and particularly so, for global proxy benchmark Brent.
In fact, the question right now shouldn't be whether oil will get to $100 levels, but rather whether it would stay there? Of that, one is not too sure. Current price levels of futures contracts six month out point to a different story, and different a demand (and supply) dynamic for Q2 2024. Here are the Oilholic's thoughts on market direction via Forbes.
Away from the direction of the oil price, the market for blue chip energy stocks got a shock after BP's social media loving CEO Bernard Looney suddenly resigned late on Sept 12 over his failure to fully disclose details of "past relationships" with colleagues! What might follow next for BP could be pivotal - will it continue down the path set by Looney or mark a return in focus to core oil and gas operations? (More here.)
Finally, this blogger also found the chance for two exclusive Forbes interviews earlier this month with Jim Johnson, CEO of engineering group Hunting Plc, and Christopher Hudson, President of dmg events. Click on the hyperlinks above should you wish to read these. But that’s all for now, for the moment folks! Keep reading, keep it crude!
