Oil supply will outpace demand going into 2023, says Citi's Ed Morse
Ed Morse, Citi global head of commodities research and managing director, joins ‘Squawk on the Street’ to discuss Morse’s 2023 forecast for oil, what happens to the price of oil if the war in Ukraine ends and more.
($)===============================($) SHORT let's go. Ima short G.A.Z, U N.G TESLA, ARKK, FAANGs & TRAVEL stocks. Then I'm millionaire. Going down forever! Right? Ryght? Hahah
Russia said (a few hours ago) that it was ready to reduce oil production by 500-700 thousand barrels per day. That's 5-7% of exports. If the countries accept the price cap.
We need to understand a simple thing, that the need for oil in 1990 and now are different things. Computers and fertilizers cannot be produced without gas. Gas has become just as important a part of investment as oil. So oil costs more because a lot of money goes into gas and rare metals. Oil cannot be cheap.
12 Comments
Party pooper.
It's the end of cheap oil🛢
Diesel gas is over 4 dollars a gallon in my town.
The only analyst bearish on energy. (I have seen.)
Narrator: But it won’t
Oil demand has increased in the last 7 out of 8 recessions, why is everyone saying the demand will go down?
Revelations 2:9
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Russia is cutting supply
($)===============================($)
SHORT let's go. Ima short G.A.Z, U N.G TESLA, ARKK, FAANGs & TRAVEL stocks. Then I'm millionaire. Going down forever! Right? Ryght? Hahah
Didn't mention need to refill the US SPDR in 2023.
Russia said (a few hours ago) that it was ready to reduce oil production by 500-700 thousand barrels per day. That's 5-7% of exports. If the countries accept the price cap.
We need to understand a simple thing, that the need for oil in 1990 and now are different things. Computers and fertilizers cannot be produced without gas. Gas has become just as important a part of investment as oil. So oil costs more because a lot of money goes into gas and rare metals. Oil cannot be cheap.