Rigzone: What were some market expectations that actually occurred during the past week – and which expectations did not?
Tom Seng, Director – School of Energy Economics, Policy, and Commerce, University of Tulsa’s Collins College of Business: Crude prices rallied across the week buoyed by an inventory drawdown and the prospect that the U.S. government would enter the market as a buyer to replenish the Strategic Petroleum Reserve. Additionally, demand for gasoline and diesel appear to be ticking upward again. However, strong labor statistics, coupled with a healthy GDP report had the equity markets nervous about future rate hikes by the U.S. Federal Reserve as it attempts to tame inflation. The resulting stock market sell-off and strengthening U.S. Dollar represented the main bearish signals on the week. WTI has crested the $78.60 per barrel level thus far while Brent broke $83.85.
Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.
