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All Market Commentary

Continental Resources CEO Says Oil is “Absolutely” Going to $100 per Barrel

September 26, 2023

Energy prices pulled back in yesterday’s trading as the news of Russia allowing some exports of high sulfur diesel and marine fuels. Heating oil has also been overbought on the upside and needs some relief. The US dollar index trading to a 10-month high has also helped energy prices sell off as well as the Fed giving the indication that they will have to raise rates again at some point this year.

Traders are now trying to watch and figure out if this downturn is just a temporary pullback in the uptrend or if something bigger is at work. The bears need to continue the sell off and get price below key support levels but the end of the week. The funds have been aggressive buyers of energy and this congestion could just be a rest stop for the fund who will get a new influx of money with the new month and new quarter on Monday.

The bulls are getting some help from positive sentiment from China on its oil demand. China’s oil demand increase by 300,000 bpd last week up to 16.3 million bpd.

Higher energy prices are impacting consumers budgets and the thoughts that the US could avoid a recession are wavering a bit.

Emmanuel Macron said he’ll push the country’s oil industry to sell gasoline and diesel at cost as the government seeks to blunt the impact of surging prices for households without spending vast sums of public money.

The chatter about $100 dollar oil continues despite the recent pullback. Continental Resources CEO, William Berry, said oil is “absolutely” headed to $100 per barrel. He said the company has no plans to increase its output, even if oil prices breach the $100 per barrel level.

HSBC Expects Record Chinese Oil Demand to Continue to Support Prices
Rystad Energy Estimates US Crude Production at 13M BPD

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