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Drivers could see gas prices surge to nearly $7 a gallon in some US states as refinery issues bite supply and Chinese demand bounces back, GasBuddy says

January 3, 2023

Drivers could see gas prices surge to nearly $7 a gallon in some US states as refinery issues bite supply and Chinese demand bounces back, GasBuddy says

Gas pump
Gas prices could top $4 a gallon in most major US states next year, GasBuddy says. 
(Photo by Steve Pfost/Newsday RM via Getty Images)
  • Gas prices could surge toward $7 a gallon in some US states in 2023, according to GasBuddy.
  • Cold snaps across the US and revived energy demand from China are the two key factors that could push up prices.
  • “2023 is not going to be a cakewalk for motorists. It could be expensive,” said Patrick De Haan in a blogpost.

Brace for a spike in US gas prices next year due to refinery disruptions and amid renewed energy demand from China as the Asian nation reopens its economy, according to GasBuddy.

“2023 is not going to be a cakewalk for motorists. It could be expensive,” said Patrick De Haan, head of petroleum analysis at the firm, which tracks fuel costs, in its 2023 fuel outlook.

The national average price of gas at the pump could top around $4 a gallon in most major US cities as early as May next year, De Haan said, from $3.18 on Friday. Cities in the West Coast state of California, such as San Francisco and Los Angeles, could see gas prices approach nearly $7 a gallon in the summer of 2023, according to GasBuddy.

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Crude oil could hit $125 a barrel as Russia’s reaction to a US-led price cap threatens to squeeze supply, UBS says

October 13, 2022

Crude oil could hit $125 a barrel as Russia’s reaction to a US-led price cap threatens to squeeze supply, UBS says

US oil tanker
Oil prices are ticking upwards again after falling for the past three to four months. 
George Frey/Getty Images
  • UBS expects oil will hit $125 a barrel if Russia reacts to a planned G7 oil price cap as promised.
  • Russia has said it will cut its exports if the US-led cap comes in, which would tighten crude supply.
  • “As we get further draws, you’re going to see prices going up. That simple,” Dominic Schnider told CNBC.

Crude oil could hit $125 a barrel as Russia’s response to a US-led price cap plan threatens to tighten the global market even further, a top UBS commodities strategist has said.

Moscow has said it’s prepared to cut its oil output if the G7 nations carry through with the price cap, warning the measure will end up primarily hurting those behind the plan.

Dominic Schnider, head of commodities at UBS Global Wealth Management, said that could pull another 1 million barrels a day at a time when the oil market is already facing a supply squeeze from the OPEC+ decision to slash its production targets.

“The Russians were clear: ‘If you force us to accept the price cap, we’re simply not going to deliver crude to you,” Schnider said in a Tuesday interview with CNBC,

“And so I think that kind of situation means, maybe, from a global supply perspective, there’s an additional 1 million barrels at risk here.

“As we get further draws, you’re going to see prices going up. That simple. And we’re looking at $110-$125, that’s for us our point of gravity when it comes to crude oil,” he added.

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A potential ‘black swan’ for US oil prices is being overlooked: unreliable electricity grids

July 13, 2022

A potential ‘black swan’ for US oil prices is being overlooked: unreliable electricity grids

Power grids
Failing power grids and electricity shortages across the US could throw the oil market into chaos. 
Photo by: Planet One Images/UCG/Universal Images Group via Getty Images
  • Failing US power grids could be the next vulnerability in the supply chain for oil, energy trader Brynne Kelly says.
  • Most of western and central US is at high risk of electricity shortfalls or disruption this summer, research has found.
  • Problems with power grids are a potential catalyst for chaos in energy markets that are underappreciated, Kelly says.

Electricity grid problems in the US are a potential “black swan” that could wreak havoc in energy markets, according to Cornerstone Futures research director Brynne Kelly.

In an analyst note, the energy trader argues that failing power grids and electricity shortages could be the next vulnerability in the supply chain for oil and its products, such as gasoline.

Those under-the-surface risks are being overlooked, and that makes them a possible “black swan” — an unpredicted event with a severe impact. While crude oil isn’t much used to generate electricity, power itself is needed to make oil, Kelly noted.

“Said another way, a failing power grid COULD BE the next oil chain supply problem,” she said.

“Problems with power grids across the US and other countries are a potential catalyst for chaos in energy markets that are underappreciated.”

The reliability of the US electricity grid is being taken for granted, Kelly said. But it’s under pressure as the industry goes through a mandated shift from fossil fuels to clean energy sources, and with the peak summer demand ahead.

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