Gas Price:
On Wednesday, October 19 President Biden confirmed he has already decided to have the Energy Department go ahead with sales of the last roughly 15 million of 180 million barrels from the U.S. Strategic Petroleum Reserve he had authorized for sale back in March. The sales will happen in December, President Biden said.
OPEC+ agreed to the biggest production cut since 2020 and Russia warned that a proposed oil price cap could lead to reduced domestic output. The output cut, however, has had a smaller effect on prices than the White House expected, top Biden energy adviser Amos Hochstein said Thursday, October 6, 2022.
Goldman Sachs Group Inc. raised its fourth quarter price forecast for Brent oil to $110 a barrel after the OPEC+ action and said the reduction could prompt the International Energy Agency to coordinate a release of reserves. Morgan Stanley said the move will accelerate crude’s path back to $100.
