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You could call it a raw reality.
Oil prices rose slightly on Tuesday, due to further production cuts and tensions with Iran from OPEC, but still under the pressure of demand related to slowing global growth and the trade dispute between the states. United States and China.
This up-and-coming dynamic is putting crude prices in a unique "ideal zone," said Amy Harder, an energy journalist with Axios.
"We are really in the moment of the price of oil in Goldilocks, so gas prices here in America, and Iran is only one of the two big points of competing pressures, "Harder told CNBC's" Futures Now ".
"Ten years or even years ago, oil prices would probably be much higher," even with these same concerns, Harder said. "But because of this slowdown in economic growth and, of course, the surge in US oil production over the last decade, prices are more moderate despite the fact that all these troubles and uncertainties persist. . "
Harder spoke shortly after the US Energy Information Administration, a branch of the energy department focused on statistics, released its short-term energy outlook. The report showed that oil production in the United States was booming, particularly in the oil-rich region of western Texas, known as the Permian Basin.
"This report … finds that [U.S.] Oil production continues to break records, "said Harder.The agency estimated that US production reached 11 million barrels per day in 2018, a historic record for the production and growth of oil. one year to the next.
"It should be 13 million barrels a day over the next year, more than double what it was ten years ago," she said. "It's important."
The United States is also strengthening its position in the oil market by becoming a net exporter of petroleum-based products rather than an importer, according to the EIA report.
"This is an important turnaround, again, compared to the last decade, when we were heavily dependent on Middle East oil, and so that continues to be the case," Harder said. "It's amazing how [U.S. production] continues to increase, and he sees no sign of … slowdown. "
The next point in the energy market is the highly followed International Energy Agency report on Friday, in which Harder expects more data showing a drop in demand due to the high production of the United States .
"We are seeing slower growth in demand, and much of that comes from the United States, with OPEC moving from this market-leading position to a managerial position while the United States continues to extract more oil, "she said.
The price of American oil reached a little less than 58 dollars per barrel Tuesday afternoon. Brent, an international benchmark, reached $ 64.
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