Exxon and Chevron Are Warning That Oil Prices Could Skyrocket in the Coming Weeks.
finance.yahoo.com

... Global oil inventory levels are approaching the danger zone.

Exxon's Neil Chapman warned that: "You can debate whether that's going to hit, those really low levels, in two weeks or three weeks. Once you get to that point, then you'll see the price shoot up."

Chevron's CEO Mike Wirth made a similar comment: "Over the next few weeks, we're likely to see those pressures flow through more directly to physical prices, and there's more upward pressure that I would expect as we get into June and certainly into July."

Chapman speculated that once oil inventories reach their all-time lows, Brent could skyrocket to $150 to $160 a barrel, surpassing its all-time high.

Others in the oil market have issued similar warnings.

JPMorgan previously cautioned that Brent could spike above $150 if the supplies through the Strait of Hormuz remained disrupted through mid-May.

Meanwhile, Goldman Sachs modeled a severely adverse scenario where crude prices could top $140 a barrel if the Strait of Hormuz doesn't fully recover by the end of July and there are issues bringing oil supplies back online across the Middle East. ...