I think everyone's panicking today. I think panic is the name of the game right nowThe North American benchmark West Texas Intermediate plunged more than four per cent on Wednesday to around US$68 per barrel. That’s the lowest crude price since December of 2021, and it sent oil and gas stocks tumbling, marking the third straight day of losses for the sector this week.
Johnston said for much of this year, the global oil price benchmark Brent crude had been trading in the US$78-88 range. With the reopening of the Chinese economy in the wake of COVID-19 restrictions signalling a potential uptick in demand, market sentiment on future oil demand had been generally bullish with spec positioning in crude oil contracts rising steadily over the last two months.
Oil prices are strongly linked to the global economic outlook, and right now all the headlines for crude price demand appear to be “rather bearish,” said Edward Moya, senior market analyst with New York-based foreign exchange broker OANDA Corp. “Now near the mid-$60s, WTI crude’s plunge is at the mercy of how much worse the macro picture gets.”Article content
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