A pumpjack extracts crude oil at an oil field in Emlichheim, Germany, on March 18, 2022. A report by Deloitte Canada forecasts crude oil prices will increase modestly over the next three months. THE CANADIAN PRESS/ AP/Martin Meissner

report by Deloitte Canada forecasts crude oil prices will increase modestly over the next three months.

The report by the firm’s resource evaluation and advisory group says lower supply will begin to drain global crude inventories.

Production cuts, including Saudi Arabia’s recent announcement of an additional cut of one million barrels a day, should help to prop up prices despite weaker demand, the report says.

Deloitte also says that seasonally high natural gas storage levels in Europe combined with lower demand due to warmer than expected winter weather have pushed down natural gas prices and reduced demand for liquid natural gas imports.

It says the lower global demand and higher production in North America have created volatile prices for Canadian natural gas over the past quarter.

Deloitte suggests this could be exacerbated this summer by higher-than-usual maintenance activities that will temporarily close some pipeline segments.

This report by The Canadian Press was first published July 6, 2023.

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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