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Here comes $7 gas prices, warns oil strategist in dire outlook — Brian Sozzi

Summary:
I see no other potentials in the short term but additional price increases unless Russia does an about-face on Ukraine. Even then, we’ll still see seasonality push prices up, so motorists should be ready to dig deeper," said Patrick De Haan, Gasbuddy head of petroleum analysis....Of course no one know where energy prices are going to be in the future, but...on one hand, Biden continues to (over)hype the Russian threat, which is adding a premium to energy prices and contributing to inflation. On the other, rising inflation is simultaneously putting him in a political pickle domestically as a result of the premium that his hype is in part creating. Sanctioning Venezuelan and Iranian energy just adds to his problem and, of course, OPEC+ knows this. Now he wants OPEC+ to offset it by pumping

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I see no other potentials in the short term but additional price increases unless Russia does an about-face on Ukraine. Even then, we’ll still see seasonality push prices up, so motorists should be ready to dig deeper," said Patrick De Haan, Gasbuddy head of petroleum analysis....
Of course no one know where energy prices are going to be in the future, but...

on one hand, Biden continues to (over)hype the Russian threat, which is adding a premium to energy prices and contributing to inflation. On the other, rising inflation is simultaneously putting him in a political pickle domestically as a result of the premium that his hype is in part creating. Sanctioning Venezuelan and Iranian energy just adds to his problem and, of course, OPEC+ knows this. Now he wants OPEC+ to offset it by pumping more but they have refused to budge. And he is still hell-bent on imposing further sanctions on Russia, which would further affect energy price.
Brian Sozzi
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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