Oil futures contracts rose by more than one percent during the Asian session, to witness the rise in NYMEX crude contracts to their highest since late October 2014 and Brent crude contracts rising to their highest since October 10, 2018, ignoring the rise in the US dollar index according to the inverse relationship between them Amid the scarcity of economic data today, Monday, by the American economy, the largest producer and consumer of oil in the world, due to the Columbus Day holiday in the United States and in the shadow of the global energy crisis due to the natural gas crisis.
At exactly 06:24 am GMT, the NYMEX crude oil futures contract for November delivery rose 1.71% to trade at $80.95 a barrel, compared to the opening at $79.59 a barrel, knowing that the contracts started the session with a gap. The price is bullish, after it concluded last week's trading at levels of $79.35 per barrel.
Brent crude prices for December delivery also rose 1.38% to trade at levels of $83.73 a barrel, compared to the opening at $82.59 a barrel, knowing that the contracts also started trading on an upward price gap after it concluded last week’s trading at $82.39 a barrel, while it rose The US dollar index 0.01% to levels of 94.12 compared to the opening at 94.11, knowing that the index ended last week's trading at 94.07.
We would like to point out that the rise in oil futures contracts to their highest levels in several years and their stability above the $ 80 barrier per barrel, comes with the decline in market pricing in one way or another to the statements of the White House and US Energy Secretary Jennifer Granholm recently to take additional steps regarding oil prices and that all tools are on the table Including the use of the United States' strategic reserves of oil and the imposition of a ban on exports of American crude oil.
According to the latest figures issued by the World Health Organization, which were updated last Friday at 04:49 pm GMT, the number of cases infected with the coronavirus has increased to nearly 236.60 million infected cases, and about 4,831,486 people have died, while the number of vaccine doses given, according to the latest update. By the organization as of last Wednesday, more than 6,262 million doses.
We would like to point out, because the weekly report of Baker Hughes, on Friday, showed an increase in drilling and drilling rigs for oil operating in America by 5 rigs to 433 rigs, to reflect its fifth consecutive weekly gain, and the highest since April 2020, otherwise, American oil production rose During the previous week, it increased by 200 thousand barrels per day to about 11.3 million barrels per day, to reflect the highest level since August 27, before Hurricane Ida.
It is reported that US oil production declined by 1.8 million barrels per day, or 16% from its all-time high of 13.1 million barrels per day in March 2020, as a result of the recent closure of some drilling and exploration platforms due to the widening gap between the cost of extraction and the selling price, especially after a pandemic. Corona, knowing that US oil production reached its lowest level in August 2020 at 9.7 million barrels per day before witnessing a recent recovery.
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