Surging American Exports Keep Oil and Gas Prices in Check

Oil prices started the new year trading 2% higher in Asia amid increased tensions in the Red Sea after Iran said it had deployed a warship in the Red Sea.  Yet, oil and natural gas prices have been subdued for most of the time since the Hamas-Israel war began in early October and ended 2023 with an annual loss—the first annual decline since 2020 when Covid crushed demand.  With the OPEC+ production cuts, including a large voluntary cut from Saudi Arabia, one would think that another war apart from the Russian invasion of Ukraine…