Renewable energy growth is slower than overall energy demand. Fast Money. Chartmaster on where oil and oil stocks are headed. Emerging Markets. Saudi Arabia, UAE could be slowly 'de-anchoring' from oil price movements. Ex-Manchin aides lobbied Congress for corporate giants while he fought Biden plans. Larry Fink fears for the energy transition, warns of massive 'market arbitrage'. UAE oil giant signs solar deal, but analysts call for specifics.
Squawk Box. Trading Nation. NY Times' Tom Friedman on global climate goals and the energy crisis. Oil companies still a good buy: Again Capital's John Kilduff. The U. N said in its closely followed report on Friday. The International Energy Agency on Thursday said the energy crunch is expected to boost oil demand by , barrels per day bpd. Others are much more cautious. Americans sour on the economy.
Oil prices backed off from recent highs on Wednesday. A further oil spike would raise the already-elevated cost of living for Americans. And it would squeeze businesses grappling with sticker shock, shortages and supply chain disasters. Americans pay very close attention to prices at the pump and concerns about inflation have helped sour their views on the overall economy.
Nearly two-thirds of Americans described the economy as poor in a poll released this week. In Virginia, where Republicans won a key prize in the state's governor's mansion, the economy ranked in exit polls as the most important issue , surpassing education, taxes and Covid.
Demand for energy is rising sharply. So why is Bank of America so bullish on oil? First, it's because demand continues to recover swiftly from the pandemic, especially for gasoline as consumers drive more. Demand is getting a further boost from skyrocketing natural gas prices.
High natural gas prices will force some utilities and factories to switch to a relatively cheaper alternative: oil. For India, the rising crude oil prices are a worry for the Indian economy. Apart from higher fuel costs denting the fiscal discipline of Centre, rising oil could also pinch consumers.
This will likely add more pressure on Central government to cut the taxes on fuel or subsidising the oil marketing companies OMCs. The climbing trend of oil prices is likely to continue in the short-term, say analysts.
However, it is not going to come anytime soon. Drillers in the US are taking advantage of the increase in prices and added five new oil wells last week for the fifth straight weekly increase in oil and gas rigs. Never miss a story!
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