The tug of war with oil and electricity prices - their rise and likely fall
Electricity and gas prices have been inflation drivers. Here's why their prices could spike again, and then fall.
Oil supply is likely to rise from Iran, Iraq, Venezuela. While Chinese oil imports dropped, and demand could weaken again. Plus, Chinese oil giant Sinopec, $Sinopec Shanghai Petrochemical(SHIIY.US$ 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, as 15% of oil and 5% of gas output could be impacted. And FYI hurricane season usually peaks around September 10.
But do be wary that investors could be selling the rip and not buying the dip. So watch AGL $AGL Energy Ltd(AGL.AU$, Origin Energy, $Origin Energy Ltd(ORG.AU$, and US giant oil giants Exxon $Exxon Mobil(XOM.US$, Chevron $Chevron(CVX.US$, ConocoPhillips $ConocoPhillips(COP.US$ and Australia's Woodside $Woodside Energy Group Ltd(WDS.AU$, Santos $Santos Ltd(STO.AU$ and Ampol $Ampol Ltd(ALD.AU$.
The information is general in nature and has been prepared without considering your financial objectives, situation or needs. Consider the appropriateness of this information in light of your personal circumstances before making investment decisions.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Moomoo Official Market Strategist
Investment strategist, featured on TV, radio, newspapers.
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