Oil: Hurricane Ian causes crude oil prices to take off
Oil prices spiked Wednesday, with Brent rising more than 3% and WTI nearly 4%, shortly after the Energy Information Administration (EIA) reported a surprise drop in oil stocks. crude oil and natural gas in the United States.
Also contributing to the surge in oil prices was a US dollar which gave up some of its recent gains and an approximately 11% reduction in US oil production caused by Hurricane Ian hitting the Gulf of Mexico.
At 1:45 pm on Wednesday, Brent was trading at $ 88.92 a barrel, an increase of $ 2.65 (+ 3.07%), while WTI was trading at $ 81.57, an increase of 3.07 dollars (+ 3.91%).
Wednesday's gains in oil offset last week's significant losses as prices fell to their lowest levels since January in the aftermath of rising global central bank interest rates and recession fears.
Earlier on Wednesday, the EIA reported a drop in crude oil inventories of 200,000 barrels for the week to September 23. The previous week, inventories had increased by 1.1 million barrels. Wednesday's surprise drop came after the American Petroleum Institute (API) estimated a 4.15 million barrel rise for the week to September 23, taking the market by surprise.
In a Dallas Fed poll released Wednesday, oil and gas executives scaled back their oil price expectations at the end of the year, dropping them from an average of $ 107.93 last quarter to $ 88.74 a year. barrel in the latest poll.
The most pessimistic executives estimate $ 65 a barrel, while the most aggressive ones expect a price between $ 100 and $ 120 a barrel. We will see which of the two sides is right.
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The article Oil: Hurricane Ian makes crude oil prices take off comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/petrolio-luragano-ian-fa-decollare-i-prezzi-del-greggio/ on Wed, 28 Sep 2022 20:47:26 +0000.