Record High Gas Prices Could Be Bullish For Oil

At present, oil bears seem to be ruling, as global crude oil prices have tumbled, even after OPEC+ agreed to a symbolic 100,000 bpd production cut. Recession fears, inflation and a slowdown in industrial activity are supporting are supporting the bearish case, as oil prices reflect. Still, volatility remains high, as Russia’s inconsistent tone vis-a-vis crude and natural gas exports has traders on edge. Even though oil prices have gone down, bullish sentiment could quickly return again. Global energy advisory service Platts Analytics warns…