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GAS PRICES: Gas prices are at their highest point since April and analysts expect them to increase in the weeks and months ahead, due to a confluence of extreme heat, lower OPEC+ oil production, and high Atlantic Ocean temperatures that could portend a dangerous U.S. hurricane season.
DeHaan said fundamentals could push WTI to $80 per barrel in the coming weeks, and potentially into the fall. “I definitely think we're probably going to start seeing gas prices rally more to the upside,” he said: ExxonMobil’s refinery in Baytown, Texas, has had issues this month with the heat tripping its units off. Add to that the record demand placed on Texas’s power grid this summer, which poses a threat to other refining operations in the state.
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“We want to see more [oil] supply … It gets dangerous when the prices are so high,” she added. “I think the prudent course is to ensure that transportation is affordable for people, and that of course means making sure that supply is stable.” …Chevron announced two big leadership changes: The company’s CFO, Pierre Breber, will retire next year and will be replaced by current CTO and vice president Eimear Bonner, Chevron said. It also said it is waiving its mandatory CEO retirement age of 65, allowing Wirth to stay in his current role for longer than expected.
“We need to get to the heart of those questions before we make any recommendations about how to do this more widely,” the lead researcher, Brandi McKuin, told EuroNews. Read more on California’s pilot project here. BIDEN TO MAINE TO BOOST OFFSHORE WIND: President Joe Biden will travel to Maine this week in hopes of ginning up support for his administration’s offshore wind projects, including projects in the Gulf Coast off of Texas and Louisiana, which the administration announced last week.
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