Oil markets edge drag on6/30/2023 Global Gas Prices Rally on Hot Summer and Storage DemandĪsian spot LNG prices spiked to a fresh eight-year seasonal high last week, as demand remained robust globally for power generation needs in summer. oil rigs, an early indicator of future output, rose by four, to 376 in the week to July 2, its highest since April 2020, according to energy services firm Baker Hughes Co. oil output to pick up at the end of 2021 and grow further in 2022. Also, the rise in oil prices is contributing to global inflation, slowing the economic recovery from the coronavirus crisis.Ĭiti analysts said they do not expect WTI to climb to a premium to Brent as they project U.S. Brent was largely steady on the week, as the market assessed fuel demand concerns in parts of Asia where cases of the highly contagious COVID-19 Delta variant are surging. crude market expected to tighten as refinery runs pick up to meet recovering gasoline demand. WTI was on track for a 1.5% rise for the week, with the U.S. The long rally in prices could be undermined if OPEC+ nations go their separate ways and add to supply as they see fit. OPEC+ are set to meet again on Monday after UAE opposed the proposals, which also included extending the pact on output to the end of 2022. On Thursday, both benchmark contracts rose after OPEC+ sources said the group aimed to hike output by less than expected. West Texas Intermediate (WTI) crude futures fell 7 cents to settle at $75.16 a barrel, having jumped 2.4% on Thursday to close at their highest since October 2018. Brent crude futures rose 33 cents to settle at $76.17 a barrel, after rising 1.6% on Thursday, while U.S. Oil prices steadied on Friday as OPEC+ ministers resumed talks on raising oil output the day after the United Arab Emirates blocked a deal, which could delay plans to pump more oil through the end of the year.
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