The combination of a slow comeback in Gulf oil production and an energy policy by the Biden administration that discourages oil and gas production is creating a situation that’s very bullish for petroleum and natural gas markets.
Oil prices are pulling back a bit this Monday morning on questions about an appropriate response to the alleged drone attack on an Israeli ship by Iran and the appropriate response to the delta variant of the covid 19 virus.
Just 1 year after the prophesied Covid-19 "oil glut," oil supplies are falling at the fastest pace they have since the pre-pandemic days. Now there are concerns that there won’t be enough oil around to meet growing demand.
The judge pointed out that millions, possibly even billions of dollars are at stake, not to mention local funding for jobs and workers in the states that sued. It also dried up the funds for the restoration of the Louisiana coastline.
It doesn’t help that there’s not a lot of new news. There were concerns about a drop in Chinese imports and also news about the resumption of the Iranian nuclear talks, but it still looks like a longshot when it comes to lifting sanctions.