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Energy Aspects Forecasts $100/bbl WTI by H2 2023

OIL

US gasoline prices are expected to increase towards summer and $100/bbl WTI by summer according to Energy Aspects director of research Amrita Sen.

  • “Into the summer, we do expect, a lot higher prices at the pump, especially because, to get imports into the US, you are going to get it from much further afield.” Amrita said to CNBC.
  • “Its not necessarily going to be coming from Europe [US gasoline imports] because it is now missing out on all the Russian material.” She added.
  • Energy Aspects expects $100/bbl oil in the second half of the year when global inventories run down. Amrita referred to the reopening of China as ‘real’ and that the demand rebound is strong, including for jet fuel.
  • The oil markets are an east/west divide, Amrita said. Markets in the west are weak while those in the east, primarily China are strong.
Energy BulletsCommodities
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