“With the continued geopolitical uncertainty, the first quarter of 2023 is likely as volatile as the previous year,” Deloitte Canada said in its energy price forecast this week.
Amid all the uncertainty in energy markets, bullish and bearish factors continue to drag oil and gas prices in different directions. China’s re-opening will be very bullish for oil demand in the world’s top crude oil importer, and for oil prices.
Then there is the OPEC+ alliance, which – despite its insistence that it doesn’t target a specific oil price – is expected to defend at least an $80 per barrel floor under oil prices. Economies in Europe are faring better than many had expected a few months ago, but this could only give the European Central Bank more ammunition to continue raising key rates until inflation falls back to the 2% target.
. The improvement saw the highest confidence since June 2022, although the index is still in negative territory. The German economy, Europe’s largest, seems to be doing better than expected, despite the high energy costs.
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