1. Parts of China, Japan, Korea, & Russia are also having extremely cold weather.
https://www.washingtonpost.com/weather/2023/01/23/china-record-low-temperature-mohe/
2. Reuters J. Kemp 16.1.23 states there is a wide consensus (from 1000+ oil industry experts, & analysts etc.) that oil prices will be c. an average of US $90 for the period 2023 until 2027.
This will, IMO, be very profitable for STO- @US $90 a barrel, excellent cash flow; & SP, IMO, should be significantly higher than today's $6.99.
A rerate IMO can, eventually, be expected.
Kemp said"Forecasts for 2023 are tightly clustered, with half of respondents expecting the average price to lie between $80 and $95, and more than 90% expecting the average to lie between $70 and $105.
Prices are expected to continue averaging around $90 from 2024 to 2027, with a slight downward skew in forecasts later in the period.
Forecast prices are $15-20 per barrel above where the futures strip was trading at the time of the survey, a similar premium to the one revealed in last year's survey, but up from a premium of around $10 before the pandemic".
https://www.reuters.com/markets/commodities/oil-prices-expected-average-around-90-2023-2027-kemp-2023-01-13/
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