PW
Español

 

PW
Guyana
Surinam


PW
Trinidad

& Tobago
Caribbean

 

Prices
Graphics

 




Very usefull links



PW
Bookstore





Blogspots

The Global Barrel

Tiempo Culural

Gustavo Coronel

Iran Watch.org

Le Blog des
Energies Nouvelles

News Links

AP

AFP

Aljazeera

Dow Jones

Reuters

Bloomberg

Views and News
from
Norway

 

PW
Bookstore

 

 

 

Oil prices rise on expected U.S. stocks draw

 

 

 

 

By Dmitry Zhdannikov / Reuters

LONDON
Petroleumworld 09 21 2021


Oil prices climbed more than $1 on Wednesday, extending overnight gains after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves.

Prices were also supported as some OPEC members struggle to raise output and by a general sense of energy market shortages amid a power and gas crisis in Europe.

U.S. West Texas Intermediate (WTI) crude futures rose $1.16, or 1.6%, to $71.65 a barrel by 1055 GMT, adding to a 35- cent gain from Tuesday.

Brent crude futures climbed $1.08, or 1.4%, to $75.44 a barrel, after gaining 44 cents on Tuesday.


The oil market’s focus turned to concerns of tight supply, after Monday’s pressure from broad market jitters over the possible default of Chinese property developer China Evergrande Group.

“Crude is supported by the API weekly report, which noted a bigger-than-expected decline in U.S. crude oil stocks,” said Ravindra Rao, vice president of commodities at Kotak Securities.

“Prices are still rangebound ahead of the EIA weekly report due later today and ahead of the U.S. Federal Reserve’s monetary policy decision ... In the near term, crude may move with larger markets with focus on China and Fed policy.”


U.S. crude stocks fell by 6.1 million barrels for the week ended Sept. 17, market sources said, citing Tuesday’s figures from the American Petroleum Institute. [API/S]

That was a much bigger than the expected decline. The market will be watching U.S. government data on Wednesday to confirm the drops. [EIA/S]

“Given the variety of supportive factors in the energy space, notably sky-high natural gas prices ... dips in prices right now are likely to be short-lived,” said Jeffrey Halley, an analyst at brokerage OANDA.

Global gas prices are expected to break records this winter.

_____________

TOP

                                                                                                                                                                                                                                                                                                                                                                                             Contact: editor@petroleumworld.com,


Editor & Publisher:Elio Ohep /
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2021, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2021, Petroleumworld   / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.