- Brent crude rallied for the sixth day, briefly trading over $80/Bbl in early Tuesday trading
- Oil’s latest run comes amid signs that demand is getting ahead of supply, accompanied by a batch of bullish price predictions from banks and oil traders
- The oil market is headed for a supply shock, Hess COO Greg Hill Said at a recent Platts conference
- Lack of supply will come from under-investment in fossil fuel projects amid a push toward cleaner energy, said Hill
- The amount of money used in global upstream projects has plunged to near $300 billion, less than half of the $650 billion seen before the pandemic (Bloomberg)
- Europe has a gas problem, and also a gas problem, the petrol kind
- Gas stations ran dry in British cities on Monday as fuel was rationed due to trucking supply-chain issues (Reuters)
- A shortage of truckers has sown chaos for everything from food to fuel
- Panic buying is being blamed for the fuel shortage as major fuel industry leaders claim there is plenty of fuel at UK refineries and terminals