Chevron CEO Warns Oil and Fuel Supply Buffers Thinning as Middle East War Drags On

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Summary · why it matters

Chevron CEO Mike Wirth said Tuesday that the energy system is more fragile than earlier in the Middle East war as oil and gas market fundamentals tighten, according to Reuters. Speaking at the Energy Intelligence Forum in London, Wirth said the landed price of physical oil in Asia is currently closer to $150/bbl than current Brent prices of ~$100/bbl. He added that refined products markets are also tightening, driving gasoline and diesel prices well above underlying crude, which has pushed G7 governments to implement a 100M-barrel crude and diesel strategic reserve release amid threats of a potential U.S. ban on exports. Wirth warned that restricting supply through an export ban would constrain supplies when the world needs them, saying the U.S. is not independent of world markets and that a diesel ban could raise prices for consumers in some parts of the U.S. and send a bad signal to allies that rely on American supplies. He also said oil and gas demand will continue to grow after the end of the Iran war, and that Chevron could join an Iraq-to-Mediterranean oil pipeline consortium.

Impact on assets 4

Energy▲ · 1 stocks
Chevron Corp
CVX
▲ PositiveSupplyrelevance

Chevron CEO warns oil and fuel supply buffers are thinning as Middle East war tightens fundamentals, supportive for Chevron's upstream and refining business.

Others▲ · 3 stocks
⛏Brent Crude Oil Futures
BRENT
▲ PositiveSupplyrelevance

Chevron CEO flags tightening oil market fundamentals and thinning supply buffers, supportive for Brent crude.

⛏Heating Oil Futures
HEATOIL
▲ PositiveSupplyrelevance

Wirth says refined products markets are tightening, driving diesel prices well above crude, supportive for heating oil.

⛏Crude Oil WTI Futures
WTI
▲ PositiveSupplyrelevance

Wirth says physical oil in Asia trades near $150/bbl and supply buffers are thinning, signaling tight crude supply supportive for WTI.

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