2023-09-14 21:25:00
Closing price: Oil prices climbed once more on Thursday, to the highest since November, still driven by fears of insufficient supply in the face of demand for black gold which is not weakening, with, now, in sight, the psychological threshold of 100 dollars per barrel. The price of the barrel of Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. from the North Sea for delivery in November appreciated by 1.98%, to close at 93.70 dollars.
Quant au West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variation of crude oil that serves as a standard in setting the price of crude and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy.) American, with expiry in October, it advanced by 1.85%, to 90.16 dollars. WTI had not crossed the $90 mark since the beginning of November.
“The trend continues,” commented Andy Lipow, of Lipow Oil Associates, with a WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variation of crude oil that serves as a standard in setting the price of crude and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy. which rose by 14% in three weeks, while the Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. grew by almost 13%.
Estimates published Tuesday by the Organization of the Petroleum Exporting Countries (OPEC), with a supply deficit of 3.3 million barrels compared to demand in the fourth quarter, a gap more observed in 16 years, have stretched a little more of a market already on edge.
“The market is watching stocks shrink” with anxiety, according to Andy Lipow, while Saudi Arabia and Russia have committed to depriving it of 1.3 million barrels per day by the end of the year, i.e. more of 100 million barrels.
In this context, ANZ Bank analysts see the Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. reach $100 by the end of the year.
At odds with Saudi Crown Prince Mohammed Ben Salman, frowned upon by American oil companies, President Joe Biden has no obvious lever to calm prices, underlines Bill O’Grady of Confluence Investment.
This “especially since it has drawn so much on the American strategic reserves” (SPR), which fell in July to their lowest level in almost 40 years, “that I do not see anyone supporting a new draw” of the SPR to make bring prices back down, explains the analyst.
In the United States, the price of gasoline is once once more approaching the symbolic threshold of 4 dollars per gallon (3.78 liters), at 3.858 dollars on Thursday, according to the AAA association.
Black gold is the main responsible for the rise in inflation in the United States, illustrated by the CPI consumer price index and the PPI producer price index, published on Wednesday and Thursday.
However, Andy Lipow does not see any effect, in the short term, of the surge in prices on demand. “We’re not there yet, because American consumers continue to spend a lot,” he says.
(c) AFP
Comment Oil rises once more, to its highest level since November
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