ICYMI – Chevron’s CEO sees oil prices getting “close” to reaching the $100-a-barrel level

<p>Chevron CEO Mike Wirth spoke in an interview on Bloomberg TV. He outlined his reasoning for expecting even higher prices:</p><ul><li>
“Supply is tightening, inventories are drawing … the trends would suggest, we are certainly on our way, we are getting close (to $100/bbl),”</li><li>he sees some impact from higher oil prices on the U.S. and global economy, but underlying drivers remain healthy.

“It’s a drag on the economy, but one that thus far the economy has been able to tolerate.” </li></ul><p><a href="https://www.forexlive.com/news/wti-crude-oil-futures-settle-at-9148-20230918/" target="_blank" rel="follow">Greg had the headline comment earlier</a>. </p><p>I noted earlier some similar comments from analysts at Citigroup:</p><ul><li><a href="https://www.forexlive.com/news/citi-says-oil-could-briefly-touch-100bbl-but-even-90-is-not-sustainable-20230918/" target="_blank" rel="follow" data-article-link="true">Citi says oil could briefly touch $100/bbl, but even $90 is not sustainable</a></li></ul><p>And, this on the demand side, especially in China and the rest of Asia:</p><ul><li><a href="https://www.forexlive.com/news/boa-on-oil-opec-cuts-asia-demand-brent-prices-could-spike-past-100bbl-20230913/" target="_blank" rel="follow" data-article-link="true">BoA on oil: OPEC+ cuts, Asia demand – "Brent prices could spike past $100/bbl"</a></li></ul><p>

–</p><p>Chevron is the No. 2 U.S. energy producer.</p>

This article was written by Eamonn Sheridan at www.forexlive.com.