Travel Seems to Only Be Increasing

(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author)

In this week’s preview of what to watch in oil and gas markets, Rigzone’s regular energy prognosticators take a look at travel patterns, demand/supply dynamics, the early development of tropical systems in the Caribbean and more. Read on below to find out the specifics.

Rigzone: What developments/trends will you be on the lookout for this week?

Michael Osina, Grant Thornton National Partner in Charge of Energy: Gas prices did take a small dip in the past week, mainly due to oil prices also dropping slightly. While prices remain high, it does not appear to have reduced the amount of travel for the average family this summer. In fact, travel seems to only be increasing as many families are resuming regular annual vacations post pandemic. Given the increased demand and the lack of increase in supply, it will be interesting to see how the market reacts. 

Tom Seng, Director – School of Energy Economics, Policy and Commerce, University of Tulsa’s Collins College of Business: The market will be looking to see how many miles Americans actually travel this weekend [Editor’s Note: July 4 weekend]. Also, will the EU actually be able to develop a feasible way to cap Russian oil prices as planned. And is the early development of tropical systems in the Caribbean a sign of things to come?

Barani Krishnan, Senior Commodities Analyst at uk.investing.com: More volatility.

To contact the author, email andreas.exarheas@rigzone.com