While Houston normally celebrates high oil prices, analysts are concerned about just how...
Lights illuminate a gas drilling rig on the Gazprom Chayandinskoye oil, gas and condensate field in Russia. Tensions between Russia and Ukraine are driving oil prices higer.The Russian invasion of Ukraine has rattled stock and commodity markets, driving the U.S. benchmark oil price near $100 a barrel Wednesday moring and the international benchmark above $105 a barrel -- the highest in nearly eight years.
While Houston normally celebrates high oil prices, analysts are concerned about just how far they will climb if Russian petroleum slides from the market and supplies grow scarce., and how much of hit they will deliver to consumers already reeling from high gasoline prices and rising inflation. Russia is one the world's top three oil producers, along with the United States and Saudi Arabia.
"The dynamic we have to watch for in Houston is: we love high prices but we don’t want them to be too high," said Dan Pickering, founder and chief investment officer of Pickering Energy Partners, a Houston-based energy investment bank.Without Russian gas, Europe’s tight gas market has the potential to trigger a global recession, said Wood Mackenzie analyst Kateryna Filippenko.
“Prices would be sky high. Industries would need to shut down. Inflation would spiral,” Filippenko said. “The European energy crisis could very well trigger a global recession.” Natural gas prices already jumped 10 percent Wednesday after Germany suspended certification of Russia’s Nord Stream 2 pipeline, according to S&P Global Platts Analytics, which removed the recently-completed pipeline from its short-term supply forecast.
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