Crude oil closed last night (September 13) for the first time in six weeks with a gain of 73 cents. This is due to the decline of crude oil on the market and the fact that the oil fields in the Gulf of Mexico still can not return to full capacity. In addition, there is now concern about Tropical Storm Nicholas.
WTI crude futures rose 1.1%, or 73 cents, to $70.45 per barrel, the highest level since Aug. 30, 2021.
Brent crude futures rose 0.8%, or 59 cents, to $73.51 per barrel, the highest level since July 30, 2021.
The price of crude oil continued to rise, mainly due to a drop of 17.5 million barrels on the market. The U.S. government’s Bureau of Safety and Environmental Enforcement (BSEE) reports that the damage caused by Hurricane Ida is still affecting oil and gas production. 43.6% of crude oil production and 51.61% of natural gas production are still offline.
Right now, the eyes are on Storm Nicholas moving toward Texas with winds of 70mph.
Investors are also waiting for this week’s American Petroleum Institute (API) crude oil inventory report.
The Spot Market is open
Tuesday, September 14, 2021