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Rising oil prices driven by the Middle East conflict are increasing profits for U.S. oil producers, but uncertainty over how long the price surge will last is making companies cautious about expanding production.
But will that money go towards increasing U.S. oil production?
When oil prices move higher, it’s often a signal to drill, baby, drill. But this case is different, according to Dan Pickering, chief investment officer at Pickering Energy Partners.“
This is a most likely a transitory event, with the war in Iran, and prices [are] likely to come back down,” he said.
Oil markets remain highly volatile as the Iran War enters its fourth month. Energy expert Dan Pickering discusses the structural shifts triggered by the Strait of Hormuz closure and how investors can navigate a market increasingly disconnected from facts on the front lines.
The U.S. and Iran are each trying to trigger economic damage to make the other side relent. The standoff risks worsening the damage across the global economy.
Europe faces widening fuel shortages as Middle East conflict strains global energy supplies, with jet fuel shortfalls expected to hit California and the West Coast.
Dan Pickering from Pickering Energy Partners says the oil market remains highly headline-driven and that the equity markets may be too complacent about the timeline for oil supply to normalize. U.S. oil producers, he adds, are staying disciplined, focusing on weak forward prices rather than short-term volatility or policy signals.
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