Invest in 60's | The tug of war with oil and electricity prices

Views 466Aug 31, 2023

Electricity and gas prices have been inflation drivers. Here's why their prices could pick up then then fall.

Oil supply is likely to rise from Iran, Iraq, and Venezuela. While Chinese oil imports dropped, and demand could weaken again. Plus, the Chinese oil giant $Sinopec Shanghai Petrochemical(SHIIY.US)$ thinks oil demand will peak this year, amid surging EV demand.

But, oil prices could lift in the short term, if we do see hurricane Idalia hit the Gulf of Mexico, because 15% of oil and 5% of gas output could be impacted. And FYI hurricane season usually peaks in September.

But do be wary that investors could be selling the rip and not buying the dip. So watch $AGL Energy Ltd(AGL.AU)$, $Origin Energy Ltd(ORG.AU)$, and US giant all giants $Exxon Mobil(XOM.US)$, $Chevron(CVX.US)$,$ConocoPhillips(COP.US)$ and Australia's Woodside $Santos Ltd(STO.AU)$ and $Ampol Ltd(ALD.AU)$.

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