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| Name | Oil prices: China demand is a 'dilemma,' India may hold solution |
| Video Uploader | Video From Yahoo Finance |
| Upload Date | This Video Uploaded At 23-03-2024 21:10:05 |
| Video Discription | Oil (CL=F, BZ=F) prices are sinking again on Friday after breaking through the $80 threshold in mid-March. Mizuho Americas Executive Director of Energy Futures Bob Yawger joins Yahoo Finance Live to discuss broader trends in the oil and gas markets. US refineries are set to ramp up production, Yawger signals, with geopolitical tensions and the upcoming "driving season" putting pressure on supply. Yawger advises, however, that gas prices are unlikely to trend much higher: the refineries have learned their lesson following COVID when the price shot up to $5 and demand tanked. "They will try to feather the price somewhere around $3.50...They know what will happen if gas gets to $5," Yawger says. The outlook for oil is exacerbated by China's demand situation. Following COVID, China "rallied the market to the moon," but according to Yawger, "that's not in the cards any time soon." India, however, could be a future demand agent: Yawger explains that the nation's substantial population will soon be driving gas-guzzling used American vehicles. With this in mind, Yawger projects peak oil production won't occur until 2035. About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life. - Get the latest news and data at finance.yahoo.com - Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO) - Follow Yahoo Finance on social: X: http://twitter.com/YahooFinance Instagram: https://www.instagram.com/yahoofinance/?hl=en TikTok: https://www.tiktok.com/@yahoofinance?lang=en Facebook: https://www.facebook.com/yahoofinance/ LinkedIn: https://www.linkedin.com/company/yahoo-finance |
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