Futures in New York rose 0.9% on Friday. Oil’s advance this month shows the impact of an ongoing shortage of natural gas, which has boosted demand for oil products. At the same time, rising margins signal that crude consumption will remain strong as refiners continue to process more to meet demand. That could mean that global oil stockpiles will continue to fall in the coming months.
“The oil market deficit might be smaller than traders initially thought, but it will not go away anytime soon,” said Ed Moya, senior market analyst at Oanda Corp. “Crude prices could resume their bullish stance if OPEC+ stays the course with their gradual output increase plan.”
Oil has been one of the standout performers among commodities as a gas-centered energy crunch has buoyed demand for petroleum products. Thus far, OPEC+ has argued that cautious monthly supply increases of 400,000 barrels a day are appropriate as risks remain. Meanwhile, natural gas prices have tumbled after President Vladamir Putin signaled on Thursday that Russia will send extra gas to Europe next month.
Oil majors Chevron Corp. and Exxon Mobil Corp.’s better-than-expected earnings reports on Friday also signaled to markets the possibility of increased capacity to produce additional barrels. The oil majors are plowing windfall profits into share buybacks as soaring energy prices boost their cash flow.
With commuting and air travel picking up, there’s “strong demand across our products with more recovery expected” during the current quarter, Chevron Chief Financial Officer Pierre Breber said in an interview.
A year ago, this country was energy independent and a net exporter!
When the election was hijacked so the left could install their candidate, we lost our power in the world.
I am proudly LGBFJB now!
Stupid Biden SHUT down the Pipeline so ALL is on His FAKE Administration !!!! PERIOD
At the same time Biden approves the RUSSIAN PIPELINE !!!!!! He is an ENEMY SPY !!!!!
ALL Bullshht & Lies !!!!! Plenty of Oil Plenty of GAS !!!!! Trump had all fixed , Now Dems Lie & STEAL !!!!!!!
Go baby! Keep sucking those Escalades and Suburbans off the car lots while I enjoy my 50mpg Prius. You WILL be sorry.
This is WHY you see MORE BIKE LANES being put in Salisbury & all over the country
YOU will be riding One soon !!!!! Like the Bannana Republic does !!!!!
Democrats Raised the Prices to get their Bigger cut !!! Gas should be $ 1.75 Gal all states Now !!!
Oil RISES as Democrats fill their pockets !!!!!! with YOUR $$$$$$$$
Biden Forcing Gas & Deisel vehicles off the road by RAISING FUEL PRICES !!!! FACT
Thanks, Joe! You stupid AHole.
Let’s Go, Brandon!
Democrats.
As soon as they are in charge, taxes skyrocket, groceries get more and more expensive, and gasoline doubles or triples in price.
The ONLY people that benefit from democrats in power are welfare recipients, illegal immigrants, and of course, POLITICIANS.
Democrats.
Dangerous to our republic.
EVERY DAY they wake up and thank Satan (God is their enemy) for “mail-in ballots”.
Fix the Dirty Elections (COUPS) !!!! Or Democrats will always win !!!! FIX 2020 COUP Now or Else !!!!!!
And people can’t afford the ELECTRIC cars & TRUCKS they are Price Gouged TOO HIGH !!!!!!
That’s why all the bike lanes are being put in everywhere !!!!! You will be riding one soon !!!!!