Oil and natural gas futures prices—despite trading 60% higher since before the Iran war—remain well below the physical supply shortages facing Asia and spreading around the world that will take many months to replenish, the chairman and CEO of Chevron said March 23.
The large CERAWeek by S&P Global conference is attracting many of the world’s energy leaders from around the world in Houston this week and a top theme is the potential disconnect between energy markets and the greatest global energy supply shock ever with the effective closure of the Strait of Hormuz, which typically funnels nearly 20% of the world’s crude oil and liquefied natural gas each day.
