Oil prices hit multi month highs today on tightening supply. “After the end of SPR releases and recession fears and a liquidity drain due to bank stability fears, which caused the markets to ignore a looming supply squeeze, the coming supply deficits are getting too big to ignore,” Price Futures Group analyst Phil Flynn said. This month was a really solid month for crude prices and fundamentals look good for the upcoming month. Goldman Sachs estimated that global oil demand rose to a record 102.8 million bpd in July and it revised up 2023 demand by about 550,000 bpd on stronger economic growth estimates in India and the U.S., offsetting a downgrade for China’s consumption. WTI traded up $1.22 or 1.5% to close at $81.80. Brent traded up $1.02 or 1.2% to close at $85.43.

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  • Where: Renaissance Schaumburg Convention Center Hotel
  • Attending: Curtis Chandler (239.405.3365), David Cohen (954-729-4774), Cyndi Popov (403-402-5043)
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