The likelihood of oil reaching $100 per barrel is increasing due to supply shocks in the market, as reported by BBG. Wall Street veteran Ed Yardeni has raised concerns about a potential economic scenario reminiscent of the 1970s, which could pose risks to President Biden's reelection. Yardeni predicts oil could hit $100/barrel and gold could reach $3,000/ounce, amid possible geopolitical tensions, including a potential Israel-Iran conflict. Factors pushing oil above $100/barrel include OPEC+ maintaining supply cuts in the PetroleumIndustry, with prices already surging above $85 per barrel, the highest since October 2023. Additionally, European natural gas prices are expected to rise through the next winter due to persistent supply risks, including uncertainties about flows from Russia, as highlighted by BBG. China is also seeking to exert more influence on global natural gas costs by creating its own natural gas price index.
China’s state-owned pipeline giant is working to create the country’s own natural gas price index as the world’s biggest importer of the fuel seeks more influence on global costs https://t.co/QJk2kVxb3F
European Gas Prices Through Next Year Rise On Persistent Risks - BBG https://t.co/2tS8wT6oST
European natural gas is expected to be more expensive through next winter amid persistent uncertainty about supply risks, including remaining flows from Russia https://t.co/kEUPWA2bve
European natural gas is expected to be more expensive through next winter amid persistent uncertainty about supply risks, including remaining flows from Russia https://t.co/PKZXTjtMAX
Triple-digit oil prices ‘not that far’ away: Analyst #PetroleumIndustry #CrudeOil #Fracking #GasProduction [Video] Oil prices (BZ=F, CL=F) have risen above $85 per barrel, the highest level since October 2023. With OPEC+ maintaining supply cuts and the… https://t.co/Cb4KRR4vDj
Here's What Will Push Oil Above $100/Bbl https://t.co/8jrVumGBpS
Oil At $100, Gold At $3,000? Wall Street Veteran Sees Potential 1970s Economic Storm, Posing Risks To Biden's Reelection Ed Yardeni predicts possible oil at $100/barrel and gold at $3,000/ounce, raising the odds of a '70s-like economic scenario. Potential Israel-Iran conflict…
The Odds of $100 Oil Are Rising as Supply Shocks Convulse the Market - BBG https://t.co/NiAZshWP1B