Fuel Prices Rose Steadily Throughout July
July 31, 2023
The Baker Hughes Rig Count report said that oil rigs were down 1 to a total of 529 and last year there were 604. US crude oil rigs have fallen by 92 rigs so far for this year of 2023.
Today is the last trading day for July, and over the month crude oil is up 14%, gasoline up 11%, and diesel up 20.6%.
This steady run higher for energy prices is likely to see some consolidation at some point and with prices softer to start out this new week maybe today is the day; we will see how the day progresses.
Both OPEC+ and the IEA are forecasting that demand will be greater than supply in the back half of the year and this underlying thought has supported prices higher and will continue to until there is contrary evidence.
Exxon Mobil’s CEO, Darren Woods, said he expects record oil demand this year and next year.
Five analysts said Saudi Arabia is expected to extend a voluntary oil output cut of 1 million bpd for another month to include September to provide additional support for the oil market.