Energy prices are trying to find some support after getting beat up on recession fears in data from the American Petroleum Institute that failed to inspire people to come back in it and buy.
Energy Secretary Jennifer Granholm seemed to strike a tone with the energy companies that was a little bit more friendly than the type of rhetoric we’ve been hearing from the Biden administration. It seems the point that they could move on very quickly would be the possibility of lifting some of the summertime gasoline regulations that could allow more supply onto the market.
Oil corrected hard-on concerns about potential recession signs that Russian oil production is rising yet again, and it appears that the market is assuming that Russian oil production is going to be back to where it was before the war.
At the recent maintenance, we continue to be bullish, and we think that we’re getting to the point where you should be putting on your hedges. The back end of the curve is not holding up as well, but we do expect that that will at some point start to look very attractive.
Today we have a short update because I have an appointment. We will get back to full speed next week, have a great weekend!