General Musing - Oil, Natural Gas, Sable Offshore, And New Stratus Energy

In this article, I'm going to give you my latest thoughts on the following topics:

• Oil price and the near-term outlook.

• Are natural gas prices finally bottoming?

• What to expect for Sable Offshore and the playbook.

• New Stratus Energy's latest update on the Sacha oilfield.

Oil Prices

I think oil prices have topped out for the near term. Here's why:

• Speculator positioning is getting stretched again.

• Distillate tightness continues to keep refining margins elevated, but we are starting to see margins top out. Additionally, global refinery throughput is set to increase materially by August. This will start to pressure margins lower.