Expecting debt deal, industry sees West Texas crude price rising
Pumpjacks operate near a drilling rig along State Highway 191 between Midland and Odessa. Ed Longanecker, president of the Texas Independent Producers & Royalty Owners Association, believes the clash over the debt ceiling is political theater and that once the impasse ends, and banking concerns fade from the collective memory, crude oil prices should recover.
Jeff Mower, oil news director for the Americas at S&P Global Commodity Insights, said jobless claims don’t do much to support demand, but it does improve sentiment a bit because it may be enough to give the Fed reason to hit the pause button on rate hikes when it meets again next month.For now, however, the price of oil is stuck between competing narratives.
Baghdad, meanwhile, and the government in the Kurdish north agreed to resume oil exports through Turkey, though flows depend in large part on how Ankara responds. “And although oil demand in the United States and Europe is likely to be weak, domestic and international travel in China have significant room to grow,” he said. “Together, tight supply and rising demand should push crude prices higher by the end of the year.”
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