Global benchmark Brent crude rose in the third session on Thursday, with the highest finish since October.
Oil has found support since Wednesday’s data, pushing U.S. crude product rates to their lowest level since 2018, along with strong refinery demand, as offshore crude production in the Gulf of Mexico is slowly recovering in the wake of Hurricane Eder. August 2 landed on the Louisiana coast.
Tariq Zaheer, managing member of Taich Capital Advisors, said it was a risky day across the board. Oil often rises with the larger stock market, which climbed the benchmark indices on Thursday.
“Another storm is expected to become a major hurricane in the Atlantic Ocean, but the long-term path is still uncertain,” Zaheer told MarketWatch. “Between the environmental risks in the equity market and the uncertainty of future storms, we expect the energy market to remain strong until more clarity is achieved.”
Thursday, CL00 for West Texas Intermediate Crude November Delivery,
The U.S. benchmark, New York Mercantile Exchange, rose $ 1.07, or 1.5%, to settle at. 73.30 a barrel.
November Brent Crude BRN00,
Global Benchmark, ICE Futures Europe added $ 1.06 or 1.4% to 77 77.25 a barrel.
Both benchmarks were the third consecutive session. According to Dow Jones market data, WTI crude has seen the end of the month ahead of the July 30 high, while Brent has settled at the highest price since October 29, 2018.
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Oil jumped 2% on Wednesday after U.S. crude products fell for the seventh week in a row, the Energy Information Administration reported.
Zaheer told MarketWatch that it was normal for crude supplies to decline at this time of year and for supplies to gradually return from previous disruptions. A number of forecasts have predicted more winters in several areas, which could increase energy demand.
However, the situation in China regarding the property giant Evergrand 3333,
“It’s still going to end,” he said. “With China being such a big consumer of energy, it could hurt [its] Economy. “
There are ongoing concerns with the Covid-1 del Delta variant, so “there are negative risks for the fuel market,” Zaheer said. Nevertheless, energy prices may remain at current levels, or “if these risks are not implemented, further crush.”
Warren Patterson, head of commodity strategy at ING, noted that total U.S. crude inventories fell below 4,114 million barrels as crude supplies fell, the lowest since October 201. And while U.S. production rose 500,000 barrels per day to 10.6 million barrels a week, it was still much lower than the 11.5 million barrels seen before Hurricane Eder, he said, when data showed refiners were continuing to recover at a faster pace after the storm.
Thursday, October Petrol RBV21,
2.2% adds O 2.172 a gallon and October heating oil HOV21,
1.7% to $ 2.249 per gallon
Equity and other assets considered risky were also lifted in relief on Wednesday due to the lack of any sudden surprises from the Federal Reserve, as it indicated it may announce an increase in its monthly asset purchases in early November. Analysts at Sevens Report Research in their latest newsletter.
Concerns about China’s ted-hit Evergrands property giant – which on Monday saw oil, equity and other assets at risk – have now faded, after the People’s Bank of China injected greater liquidity into the financial system, helping to mitigate the risk of potential spread. Default.
“Looking at the past from the word close to the volatile market volatility, the outlook for it
The energy market remains favorable as long as there is a risk of a new transition as we have seen with Evergrand the broader risk triggers another wave of closed money flows, such as demand
Ongoing economic recovery is seen as stable while the outlook for supply remains stable due to an organized group of OPEC + members, ”wrote analysts at Sevens Report Research.
Also at Nymex, natural-gas futures ended higher after the U.S. Energy Information Administration reported Thursday that domestic supply of natural gas increased 76 billion cubic feet in the week ended Sept. 17. This was slightly larger than the average growth of 70 billion cubic feet forecast by analysts obtained by S&P Global Platts.
October NGV21, natural gas
1 million cents, or 6.6%, to $ 9.9 per million British units of heat. The price was $ 4,902 a while ago.