Oil rallies more than $2 to finish the year with a flurry

There weren’t many safe places in 2022, but energy was one of them. Oil ended the day on a tear, rising $2.03 to $80. 3, the first annual gain above $80 since 2013. It wasn’t all smooth sailing, however, as oil rallied to $130.50 on fears that Russian supplies would be cut before falling completely. to $70.08 earlier this month. Outside the curve, prices rose, making the energy sector the best performing sector in the SandP 500. Annual chart volatility from 2020 is huge. Oil Yearly Oil Yearly For next year, many are betting that slower growth will dampen demand, but others see China finally opening up barrel supplies. On the supply side, the Russian share is starting to lose barrels and SPR selling is now reversing. Oil companies have so far shown discipline and are suffering from cost inflation, but there is still money to be made in drilling.

Steve Walker

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