Oil prices had a strong session today to end the year, with Brent closing up 10% and WTI closing up 7% YoY. This is a fraction of the gains both contracts had seen earlier in the year when prices were up over 50% from Jan 1. Investors expect 2023 to begin on a cautious note, with the market weary of interest rate hikes and possible recessions drawing on demand. Supply-side fundamentals are stronger with a ban on Russian oil and OPEC+s willingness to pump the brakes on output. Overall 30 economists polled forecasted Brent would average $89.37 and WTI would average $84.24 in 2023 “The demand and demand growth is going to be a real question because of the heavy-handed actions by the global central banks and the slowdown that they’re trying to engineer,” said John Kilduff, partner at Again Capital LLC in New York. WTI traded up $1.86 or 2.4% to close at $80.26. Brent traded up $2.45 or 2.94% to close at $85.91. Wishing everyone a Happy New Year from your friends at PFL!