W&T Offshore, Inc. (NYSE:WTI ) Q1 2023 Earnings Conference Call May 10, 2023 10:00 AM ET Company Participants Al Petrie - Investor Relations Coordinator Tracy Krohn - Chairman and Chief Executive Officer Conference Call Participants John White - Roth MKM Derek Woodfield - Stifel Jeff Robertson - Jeff Robertson Operator Ladies and gentlemen, thank you for standing by, and welcome to the W&T Offshore First Quarter 2023 Conference Call. [Operator Instructions].
Oil traders focus on the optimistic demand outlook.
Last week I covered solar energy. I still say that all energy hands will be needed on deck to support the demands of AI, not to mention the power grid in the US and globally.
WTI crude dips to $67 as U.S. stockpiles surge 3.85M barrels, offsetting geopolitical risk premium and curbing Wednesday's 3% rally.
Saudi Arabia is reportedly ready to raise prices for Asian customers.
The group is expected to boost production by 411,000 bpd in August.
Recent reports show that OPEC+ countries plan to raise production at a robust pace.
Oil traders remain worried about demand outlook.
Dan Pickering, Founder and CIO of Pickering Energy Partners, sees supply and demand concerns returning to the forefront of the oil market with the removal of geopolitical risk from the Israel-Iran ceasefire.
WTI and natural gas stay supported amid tight inventories and rising geopolitical risks, keeping bullish momentum intact despite short-term volatility.
Oil traders react to EIA data and focus on Trump's comments on Iran.
WTI crude faces renewed selling below $72.15, with MACD weakening and key support at $69.52 now in focus as volatility continues amid global uncertainty.