Oil Executives Warn Prices Could Hit $160 as Inventories Reach Historic Lows
By
Matt Randolph
Fresh out the oven, still warm. Top of the tray.
Summary
Executives from Exxon and Chevron warn that oil prices could reach $160 per barrel within weeks due to historically low inventory levels of crude and gasoline. Exxon's Neil Chapman and Chevron's Mike Wirth both highlighted at the Bernstein conference that inventories are at their operational floor, making price spikes a mathematical inevitability rather than a political issue. The Energy Information Administration data supports these concerns, suggesting higher oil and gas prices will persist for an extended period.
Key quotes
· 3 pulledSenior Vice President of Exxon Neil Chapman warned at the Bernstein conference that inventory levels of crude and gasoline are at historic lows and are reaching their operational floor.
Chevron Chief Executive Mike Wirth made similar statement and alluded to oil reaching those price levels in July.
This is not a matter of politics or messaging; this is simply math. There may be no way of avoiding it.
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