Its because European countries announced they are going to release strategic reserves.
I still don’t get it though because that only covers 2 weeks and Iran has already taken down some permanent capacity in the region and a bunch of places had to stop pumping (meaning well mineralization and reopening times of months). I would expect oil to be at $100 even with the strategic reserves announcement.
In the next couple weeks, demand is going to go down as the weather warms up. After that, they have all summer to to work on shifting production to renewables as much as possible and shifting fossil fuel suppliers to ones that don’t need to use that strait.
Summer somewhat affects natural gas. Demand for petrol and fertilizer doesn’t go down in the summer. There’s no way renewables are going to have an effect on the demand for those commodities in the next 12 months.
Its because European countries announced they are going to release strategic reserves.
I still don’t get it though because that only covers 2 weeks and Iran has already taken down some permanent capacity in the region and a bunch of places had to stop pumping (meaning well mineralization and reopening times of months). I would expect oil to be at $100 even with the strategic reserves announcement.
Ah, but you see that’s a problem for future people.
Fuck future me. I got mine!
In the next couple weeks, demand is going to go down as the weather warms up. After that, they have all summer to to work on shifting production to renewables as much as possible and shifting fossil fuel suppliers to ones that don’t need to use that strait.
Summer somewhat affects natural gas. Demand for petrol and fertilizer doesn’t go down in the summer. There’s no way renewables are going to have an effect on the demand for those commodities in the next 12 months.