U.S. and global benchmark crude prices were on Monday on their way to mark their highest settlements in nearly three years, as oil prices continued to rise after a steady supply and demand strengthening.
Goldman Sachs raised its Brent oil price target to শেষ 900 a barrel by the end of the year, citing the long-term effects of Hurricane Ida supplies, especially due to rising demand in covid-resistant Asia.
November Brent Crude BRNX21,
Global benchmark ICE Futures Europe rose $ 1.47, or 1.9%, to .5 79.56 a barrel. December Brent BRN00,
The most active-traded contract rose 1. 1.48, or 1.9%, to .7 78.71 a barrel.
November West Texas Intermediate Crude CL00,
The New York Mercantile Exchange rose $ 1.45, or 1.9%, to .4 75.43 a barrel.
Factset data shows that next month’s WTI and Brent crude contracts were ready to settle at their highest levels since October 2018.
Analysts at Goldman Sachs, led by Damien Corvalin, raised the forecast for Brent crude from 90 90 to 90 90 a barrel, citing the impact of the storm and growing demand, especially in Asia. Analysts said Ida should prove to be the most bullish hurricane in U.S. history, canceling the ramp-up of OPEC + output from July.
At the same time, global oil demand has shifted to pre-quaid levels. Traffic jams in China have eased quickly after the summer dive. The delta-driven collapse on global flights was smaller than analysts initially feared.
For almost all of this year, the crude market was “biased towards insufficient supply,” Robbie Fraser, Snyder Electric’s global research and analytics manager, said in a note. “There are concerns that supplies could be tougher as temperatures cool in the Northern Hemisphere.”
Fraser added that there is a unique challenge this year in the form of record natural gas and liquefied natural gas prices in Europe and East Asia. “If buyers have some flexibility in their heating options, it is expected to make alternative options like diesel, fuel oil and propane more attractive.”
Among the oil products traded on Nymex, October Petrol RBV21,
HOV21 oil, rising 1.2% to 2 2,215 per gallon and October
1.4% to $ 2,299 a gallon
Meanwhile, natural-gas futures rose more than 7%. “The upgrade potential of the second La Nina event this winter will continue to hit the market to supply gas buyers,” said analysts at BCA Research.
October NGV21, natural gas
Which expired at the end of Tuesday’s session, rose 7.8% to 5. 5,542 per million British units of heat.