Oil supply has risen to a week amid growing U.S. supply concerns

On June 9, 2016, during a visit to the Department of Energy at the Freeport, Texas, Strategic Petroleum Reserve, a hail of crude oil pipes and valves. REUTERS / Richard Carson

  • The impact of the Idaho hurricane limits U.S. supply
  • OPEC, III are in the spotlight
  • For three weeks, the Brent region ranges from $ 70 to $ 74

LONDON, Sept. 13 (Reuters) – Oil on Monday backed a downturn in the world’s largest producer on Monday, with analysts expecting a stable market in the coming months.

Brent crude rose 855 cents or 0.9% to $ 73.54 in 0858 GMT, and West Texas Intermediate (WTI) crude rose 64 cents or 0.9% to $ 70.36.

Brent has spent between $ 70 and $ 74 per barrel over the past three weeks.

“Oil prices may not increase much in the near future, but they are not expected to fall anytime soon,” said PMM broker Stephen Brenock.

The US Energy Information Administration (EIA) said in a report last week that Brent prices are expected to reach $ 71 per barrel on average in the fourth quarter of 2021, with 2021 remaining.

“Markets still need more clarity on the effects of the virus than ever before, and until we get that, most assets, including oil, seem to be slipping aside,” said OCC Bank economist How Lee in Singapore.

Prices are still gaining some support from the hurricane in the U.S. output. Three quarters of the Gulf of Mexico’s oil production, or 1.4 million barrels per day, has been frozen since the end of August. Read more

“Hurricane Ida was unique in that it had a significant impact on U.S. and global oil balance,” Goldman Sachs said in a September 9 note.

However, the number of refills in the United States has risen in recent weeks, with energy provider Baker Hughes predicting that production could increase in the coming weeks. Read more

Aside from Ida’s impact, the market focus this week will be on revisions from the Petroleum Operating Operators (OPEC) and the International Energy Agency (IEA). Two insiders say OPEC will review its 2022 forecast on Monday. Read more

The United Nations Atomic Energy Agency (IAEA) has reached an agreement with Iran on Sunday that the United Nations Atomic Energy Agency (IAEA) has agreed to withdraw oil from China’s strategic reserves. Keep running. Read more

China on Monday announced plans to sell crude oil from strategic reserves.

Reported by Bozorgmehr Sharafedin in London; Edited by Kenneth Maxwell, Christian Schmolliger and Louis Heavens

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