Oil rises – after supply is low

Crude oil prices gained yesterday after the slow recovery of oil companies in the Gulf of Mexico hit by Hurricane Ida. Meanwhile, investors are waiting for U.S. crude oil inventory figures to be released today.

WTI crude futures rose 1.4%, or 95 cents, at $69.30 a barrel.

Brent crude futures were up 1.35%, or 91 cents, at $72.60 a barrel.

Crude oil futures rose after crude oil inventories fell 76.88% or 17.5 million barrels, and natural gas inventories fell 77.25%, due to Hurricane Ida, which hit the Gulf of Mexico. Oil companies are not yet in a position to fully restore production. Production was only 20% and 79 rigs were still out of service.

Investors are concerned about fuel demand as a result of the coronavirus pandemic.

At the same time, investors should keep an eye on the publication of crude oil inventories by the U.S. Energy Information Administration (EIA). Analysts had forecast a decline in U.S. oil inventories of 7.4 million barrels. Gasoline stocks are expected to fall by 2.4 million barrels and refined oil stocks by 2 million barrels. Refining capacity is expected to fall by 5.7 to 85.6.

In addition, the strong dollar has put pressure on the oil price.

The Spot Market is open

Thursday, September 9, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
09.20
1,789.40
1,790.40
+0.80
0.04%
1,786.70
1,791.50
Silver
09.20
23.95
24.06
+0.05
0.19%
23.85
24.06
Platinum
09.20
972.00
982.00
-1.00
-0.10%
967.00
985.00
Palladium
09.12
2,176.00
2,326.00
-14.00
-0.64%
2,164.00
2,340.00
Rhodium
05.00
15,200.00
17,200.00
0.00
0.00%
15,200.00
17,200.00
Energy
Updated at

Price

Change

%Change
Crude oil
09.20

69.43

+0.13

+0.19%

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