Vitol Senior Executive said on Wednesday that world oil demand has risen above 100 million barrels per day (bpd) despite a lack of approximately 2 million bpd of jet fuel demandas reported by Reuters, citing sources familiar with the matter.
Earlier this week Russell Hardy, chief executive officer of the commodities trading group, said: “The fundamentals of the global oil market will likely remain tight over the next year. as oil demand continues to rise after having mostly recovered to pre-2019 pandemic levels“.
Additional comments
“So when you start looking forward to 2022, clearly demand will continue to increase“.
“The liberation of the US SPR … should dampen some of the market a bit, but does not change things fundamentally. Next year is still expected to remain in a reasonably tight balance [del mercado petrolero]”Hardy added.
On the other hand, the Iranian Tasnim news agency reported on an explosion in a pipeline in southern Iran. Although no additional details are mentioned about the same.
WTI looks down
WTI is off the charts, but remains vulnerable amid the recent strength of the US dollar and a likely release of oil supplies from the US Strategic Petroleum Reserve (SPR).
At the time of writing, US oil is trading at $ 79.15, losing -0.79% on the day. Sellers are taking a breather before embarking on their next downward journey.
The crucial demand area around $ 77.94-77.70 is the price zone to beat for crude bears.
WTI technical levels
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