Crude price spike from Hormuz crisis is approaching, warns ExxonMobil exec
- Bunker fuel prices are up 61% year on year but are down from Hormuz crisis peak; a surge in Brent would push bunker prices higher again
- ExxonMobil executive issued a blunt warning on dwindling inventories; oil prices will spike ‘in a matter of weeks’ if strait doesn’t reopen
- ExxonMobil sees sustained high pricing even if ‘the Strait of Hormuz opens tomorrow’
‘We’re approaching unheard-of inventory levels. I mean really, really low inventory levels,’ warns ExxonMobil’s Neil Chapman. If inventories sink too low — which could happen soon — models imply that dated Brent ‘will shoot up to $150 or $160’
