Oil Gains as Energy Demand Rises; WTI Tops $80
10.11.2021 By Ricardo Perez - NEWS

October 11, 2021 [msn.com] – Oil prices rose on Monday, extending multiweek gains, amid supply restraint from major producers and growing demand for fuels as economies try to recover from the coronavirus pandemic.

 

Brent crude was up 81 cents, or 1%, at $83.20 a barrel by 0212 GMT, after gaining almost 4% last week. U.S. oil was up $1.15, or 1.5%, at $80.50 a barrel, the highest since late 2014. U.S. crude rose 4.6% through Friday.

Prices have risen as more vaccinated populations are brought out of lockdowns and fuel economic activity, with Brent advancing for five weeks and U.S. crude for seven.

Coal and gas prices have also been surging as economies recover, making oil more attractive as a fuel for power generation, pushing crude markets higher.

But with inventories in the U.S. starting to increase again after recent drawdowns, oil prices may start to falter.

“We think crude prices will struggle to climb much higher this quarter and still forecast them to gradually drop next year,” Caroline Bain, chief commodities economist at Capital Economics, said in a note.

U.S. crude inventories rose for a second straight reporting period last week as more production returned after extended shut-ins due to hurricanes. [EIA/S]

The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, last week decided to maintain a steady and gradual increase in production.

Click Here to Access Today a 7,000 Tank Terminal Database With a Pro Trial

7,000 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Neste Oyj : Supplying Sustainable Aviation Fuel to Emirates for Flights From Amsterdam Airport Schiphol
03.28.2024 - NEWS
March 28, 2024 [Market Screener]-Neste has started supplying sustainable aviation fuel (SAF) to E... Read More
France Gets EC Nod for EUR-900m Biomass, Hydrogen State Aid Plan
03.28.2024 - NEWS
March 28, 2024 [Renewables Now]-The European Commission (EC) has approved France’s plan for a E... Read More
A Milestone Moment Port Arthur LNG Celebrates One Year of Achievement
03.28.2024 - NEWS
March 28, 2024 [Storage Terminal Magazine]-The groundbreaking ceremony for the Port Arthur LNG Ph... Read More
Texas LNG Agrees LNG Offtake with Gunvor Group
03.28.2024 - NEWS
March 28, 2024 [Tank Storage Magazine]-Texas LNG Brownsville, a subsidiary of Glenfarne Energy Tr... Read More