US Energy Secretary says sees no huge increase in oil and gas prices in ‘next short while’

US Energy Secretary Granholm spoke with Reuters, main points:

• US could boost the rate of replenishing strategic petroleum reserve
  as maintenance work at two sites winds down
• Work at SPR will be
  finished by the end of year
• Creating a strategic
  resilience reserve for stockpiles of critical minerals with allies to
  help energy transition a good idea
• US talking with
  allies on critical minerals production, stockpile goals, could
  release details ‘soon’
• Global oil market
  well stocked, feels comfortable that there will be no huge increase
  in oil and gas prices in ‘next short while’
• Even OPEC countries
  recognize there is only so much they can do to manipulate oil prices
• ‘We should all be
  concerned’ about oil industry consolidation
• US aims to complete
  lng export review in q1 2025
• Doesn’t expect
  permitting pause to damage US competiveness in global LNG market

Earlier on oil:

• Oil – private survey of inventory shows a large headline crude oil build vs draw expected

Oil update:

This article was written by Eamonn Sheridan at www.forexlive.com.