- Oil advances on concerns in the Gulf and production hampered by storms.
- OPEC cut its forecast for global oil demand for the last quarter of 2021.
El WTI rose 1.15% on the Wall Street bell. The price of oil has gone from a low of $ 69.54 to a high of $ 70.94 so far.
US production remains slow to return after Hurricane Ida, which wiped out operations on the Gulf Coast. This is happening just as another storm looms that could affect production in Texas later this week.
“More weather disruptions could be around the corner, with the US National Hurricane Center projecting that Tropical Storm Nicholas will scrape the southern coast of Texas on Monday and make landfall near Corpus Christi later. tonight, “Reuters reported.
The news agency also reported that Royal Dutch Shell has begun evacuating personnel from a US oil rig in the Gulf of Mexico and other companies began preparing for hurricane force winds.
OPEC under the magnifying glass
Additionally, the Organization of the Petroleum Exporting Countries has lowered its forecast for world oil demand for the last quarter of 2021 due to the Delta coronavirus variant.
“Concerns are also brewing that OPEC + will fail to increase production, despite the group’s plan to continue increasing its production, as Russia’s total output is struggling to keep up with its quota,” analysts from TD Securities.
” On the horizon, more modest demand growth will bring the market into equilibrium, raising concerns for energy traders, as consensus expectations should see the market emerge from a deficit and balance at the next few months, but the advantage for energy markets lies in supply risks. ”
Technical levels
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