Washington releases 50 million barrels of oil reserves

 The White House announced that US President Joe Biden has ordered the use of 50 million barrels of the United States' strategic oil reserves, in a coordinated effort with other countries to mitigate the rise in fuel prices.

The White House said, in a statement, that this will be coordinated with other energy consuming countries, including China, India, Japan, South Korea and the United Kingdom.

At the same time, India said, in a government statement, reported by Reuters, that it will release five million barrels of its strategic reserves in coordination with other buyers, including the United States, China, Japan and South Korea.

The move is part of efforts led by Biden to coordinate the release of stocks, which is seen as a warning to the Organization of the Petroleum Exporting Countries and its allies (OPEC +) against pumping more oil to counter rising inflation in major economies such as the United States, China and others, according to the agency.

President Biden's announcement of the use of the Strategic Petroleum Reserve comes "as part of the ongoing efforts to reduce prices and address supply shortages around the world," according to the statement.

After this announcement, US West Texas crude fell $1.38, or 1.8 percent, to $75.37 a barrel.

The White House said that "over the past 18 months, the Corona pandemic has caused lockdowns to contain the virus, and it has affected the global economy in an unprecedented way."

He continued: "Since the economic movement has begun to regain its activity again, the demand for oil has increased, (...) and American consumers feel the impact of the rise in oil prices in petrol and diesel stations, and in their home heating bills, and American companies feel that as well, (. .) That is why President Biden decided to use "all the tools at his disposal to work on lowering prices and addressing the supply shortage."

The White House confirmed that the president is ready to take additional measures, if necessary (to reduce prices), and is ready to use his full powers in coordination with the rest of the countries, to maintain sufficient supplies of oil, with the United States emerging from the repercussions of the epidemic.

Despite this move, the statement says, the administration is committed to the president's ambitious clean energy goals, which are reflected in the Infrastructure Development Act, and investment in the fight against climate change.

Oil prices deepen their losses

 Oil prices fell in the European market on Monday, deepening their losses for the fourth consecutive day, hitting the lowest level in two weeks, due to fears of a decline in demand levels for fuel during the remainder of this year, in conjunction with the growing fears about increasing supplies, which means that the market has turned into a surplus of supply once more. other.

American crude fell by 1.1% to the level of $ 79.93, from the opening level at $ 80.82, and recorded the highest level at $ 81.18, and Brent crude fell by 0.9% to the level of $ 81.22 a barrel, the lowest since November 5, from the opening level at $81.94, and recorded the highest level at $82.46.

 When prices were settled on Friday, US crude lost 0.4%, and Brent crude fell 0.7%, in the third consecutive daily loss, due to a new rise in US drilling and exploration rigs.

In terms of trading last week, international oil prices lost an average of 0.5%, the third consecutive weekly loss, due to the broad rise in the levels of the US dollar against a basket of global currencies.

The Organization of Petroleum Exporting Countries "OPEC" lowered last week the forecast for global demand for oil during the fourth quarter of this year by 330,000 barrels per day from last month's forecast.

 The World Organization attributed this to the slowdown in the global economic recovery due to the rise in energy prices, which renewed fears once again about the decline in global demand for fuel during the remainder of this year.

This comes at a time when there is increasing speculation that the administration of US President “Joe Biden” will resort to the strategic reserve of crude to calm prices. There is news indicating that the White House is discussing how to address the rise in inflation by exploiting the strategic reserve or stopping exports abroad.

Official data of "Baker Hughes" oil services company showed on Friday that the US drilling and exploration rigs rose "last week" by 4 rigs, the third consecutive weekly increase.

 According to these data, the total operating platforms in the shale oil field increased to 454, which is the highest level since the week ending on April 10, 2020.

Thanks to high drilling activities, US production has jumped by more than 47% since mid-2016 to a total of 13.1 million barrels per day in March 2020, before stabilizing recently around 11.5 million barrels per day due to the Corona pandemic, and the United States is currently the largest oil producer in the world. .

Oil futures contracts continued to bounce back from their lowest in a month, ignoring the dollar's rise

 Oil futures contracts fluctuated in a narrow range tilted to the upside during the Asian session, to witness its rebound to the third session from its lowest since the seventh of October, ignoring the positive stability of the US dollar index according to the inverse relationship between them, following the developments and economic data that we followed about the Chinese economy, the largest importer. Global oil is on the cusp of developments and economic data expected today, Monday, by the American economy, the largest producer and consumer of oil in the world, which includes the speech of Federal Reserve Governor Jerome Powell.

medium;"> At exactly 04:27 am GMT, the NYMEX crude oil futures price for December delivery rose 1.26% to trade at $81.15 a barrel, compared to the opening at $81.13 a barrel, knowing that the contracts started the session’s trading on a gap. The price is bearish, after it concluded last week's trading at levels of $81.27 per barrel.

Brent crude futures for January delivery also rose 1.15% to trade at levels of $83.52 a barrel, compared to the opening at $82.57 a barrel, knowing that the contracts also started trading on a downward price gap after it concluded last week’s trading at $82.74 a barrel, while The dollar index rose 0.06% to levels of 94.31 compared to the opening at 94.25, knowing that the index ended last week's trading at 94.32.

We followed the Chinese economy, the largest economy in Asia, the second largest economy in the world and the largest industrial country in the world, the release of the trade balance reading, which showed a widening of the surplus to 546 billion yuan, equivalent to $ 84.5 billion, compared to 433 billion yuan, equivalent to $ 66.8 billion in September / Last September, contrary to expectations that indicated a surplus of 386 billion yuan, equivalent to $ 64.0 billion, with export growth slowing below expectations and import growth accelerating below expectations.

 On the other hand, Deputy Federal Reserve Governor and FOMC member Richard Clarida is scheduled to participate in a virtual panel discussion titled “An Overview of Central Bank Frameworks” at an online event hosted by the Brookings Institution, before we witness the Fed Governor’s speech. Jerome Powell opening remarks at a webinar on gender and the economy hosted by the Federal Reserve.

And this comes before we witness the speech of several FOMC members, Deputy Fed Governor Michael Bowman and Chicago Fed President Charles Evans, before we witness the Fed's unveiling of its semi-annual financial stability report and its quarterly survey of change The criteria and conditions for bank lending, the state of business and household demand for loans.

In another context, we followed last Friday, US Energy Secretary Jennifer Granholm reported that US President Joe Biden is discussing with his advisers a plan to withdraw part of the strategic oil reserve in response to the OPEC + decision to maintain the production policy as planned despite repeated calls from some major countries On top of that, the United States and India to increase production and curb the rise in prices to support the recovery of the global economy.

 Granholm also indicated that Biden is concerned about the rise in gasoline prices in America, which may prompt him to withdraw from the country's strategic oil reserve to revive the oil supply and then put pressure on prices, and this came hours after the end of the activities of the meeting of the Joint Ministerial Monitoring Committee of the Petroleum Exporting Countries OPEC and its allies Oil producers from outside, led by Russia, the second largest oil producer in the world, or what is known as "OPEC +".

It is noteworthy that OPEC + approved, in its last meeting, which was held last Thursday, to increase oil production by about 400,000 barrels per day during next December, while fixing the oil production policy unchanged, which aims to increase oil production by 400,000 barrels per day every month, as agreed in the meeting. From July 18 from early August, the OPEC + cuts since then are estimated at about 5.8 million barrels per day, to be implemented until the end of next year 2022.

Other than that, we watched on Wednesday the US State Department’s announcement of its intention to resume Iranian nuclear negotiations by November 29, nearly five months after the last meeting of the parties to the 2015 Iranian nuclear agreement, according to which Iran dismantles its nuclear program and opens its facilities for more international inspections. In return for easing sanctions on it, especially the freezing of its oil exports, which will return to the markets in the event of an agreement being reached.

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 On the other hand, we followed Friday the announcement of the American company Pfizer in a press release that its new experimental drug that can reduce the risk of death from the Corona virus 89% and that it intends to register 2,660 people to participate in the last phase of the study, and this comes as Pfizer is ready to apply to the Food Agency. And the US Drug Administration to obtain the necessary licenses for the experimental drug for the coronavirus, which will be given to infected people in the form of tablets.

In the same context, we also followed Friday, Pfizer Board member Scott Gottlieb expressed his expectations for the end of the Corona pandemic in the United States with the entry into force of US President Biden’s decision to impose vaccinations among employees in workplaces by the fourth of January, adding that the decision Which will apply to any company with more than 100 employees, will make 84 million workers in the private sector have to receive a second dose of vaccines.

According to the latest figures issued by the World Health Organization, which were updated last Friday at 04:11 pm GMT, the number of cases infected with the coronavirus has increased to more than 248,467 million infected cases, and about 5,027,183 people have died, while the number of vaccine doses given, according to the latest WHO update as of Friday, over 7,027 million doses.

 Otherwise, the markets are still pricing expectations of strong demand for oil in exchange for China and the United States resorting to pumping its strategic stocks of gasoline and diesel, especially after the Chinese National Food and Strategic Reserves Administration reported in advance that the liberation of fuel stocks aims to reduce the energy crisis that the country is going through and to support price stability. in several regions.

This comes in the shadow of the global energy crisis due to the natural gas crisis in Europe on the verge of winter and the thermal coal crisis in China, which led to a crisis in electricity generation there, given that 70% of power plants in China depend on coal, whose production has declined due to pollution control restrictions. Environmental and global warming and for China to freeze its imports of coal from Australia to strain relations between the two countries.

We would like to point out that the weekly report of Baker Hughes, on Friday, showed a decrease in drilling and oil drilling rigs operating in America by 6 rigs to 450 rigs, to reflect the largest weekly increase since mid-October and the highest since April 2020, and a rise of 224 rigs from a year On the contrary, US oil production last week witnessed a rise of 200,000 barrels per day to 11.5 million barrels per day, reversing its highest level in two months.

 It is reported that US oil production declined by 1.6 million barrels per day, or 14% 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.

#Oil# prices rise for the second day in a row

 Oil prices rose in the European market on Monday, extending its gains for the second day in a row, with continued recovery processes from the lowest level in four weeks, in addition to hopes of strong global demand, especially after Saudi Aramco raised the selling prices of crude during next December.

 American crude rose 1.4% to the level of $ 82.45, from the opening level at $ 81.34, and recorded the lowest level at $ 81.07, and Brent crude rose by more than 1.7% to the level of $ 83.98 a barrel, from the opening level at $ 82.55, and recorded the lowest level at $82.55.

When settling on Friday, US crude gained 2.5%, the first gain in the last four days, after it recorded the previous day, a four-week low at $78.28 a barrel, and Brent crude rose by 1.75%, after recording the previous day's level at $78.28 a barrel. $80.22 a barrel, the lowest since October 7.

On the level of trading last week, global oil prices lost an average of 2.0%, in the second consecutive weekly loss, due to fears of oversupply in the United States, and after the announcement of the resumption of Iranian nuclear talks.

 Late Friday, Saudi Aramco raised the official selling price for Arab Light crude to $2.7 in next December, from $1.4 the average price during the current month.

The move of the largest oil company in the world to increase export prices, means that global demand is still strong, and that the producers of the OPEC Plus alliance will not increase supplies to the market higher than previously set levels.

The OPEC Plus alliance announced last week to keep the production policy unchanged with full commitment to the current supply ceiling, amid complete disregard of the repeated calls from some major countries, led by the United States and India, to increase production and curb the rise in prices to support the recovery of the global economy.

"OPEC +" rejects Washington's pressure and stabilizes oil production

 Today, Thursday, the “OPEC +” group kept its oil production policy unchanged during the month of December, declaring its rejection of the pressures of consumers, led by the United States of America, to increase production strongly.

This came at the conclusion of the 22nd ministerial meeting of the "OPEC +" alliance, which brings together members of the Organization of Petroleum Exporting Countries "OPEC" and allies from outside, led by Russia.

The coalition said, in a statement, that it decided to reconfirm the production adjustment plan, which provides for an increase of 400,000 barrels per day during the month of December.

The meeting also renewed, according to the same statement, the continued commitment of the participating countries to ensuring a stable and balanced oil market and an efficient and safe supply to consumers.

The "OPEC +" alliance is scheduled to hold its 23rd ministerial meeting on December 2, 2021.

In a virtual press conference after the meeting, Saudi Energy Minister Abdulaziz bin Salman said: "OPEC is not a monopoly group, but rather producers and market regulators."

Bin Salman added: "We take good care of the oil market and the interests of all producers and consumers, and the markets must be organized so that what we witnessed before the (OPEC +) agreement is not repeated."

He indicated that Saudi Arabia's oil production will rise above 10 million barrels per day for the first time since the Corona pandemic.

For his part, Russian Energy Minister Alexander Novak said during the same conference: "We want to stabilize the oil markets and keep the level of the previously agreed increase of 400,000 barrels per day in December."

Novak added, "Global demand for oil is still affected by the Corona pandemic, and the production boost by 400,000 barrels per day is a correct trend."

The results of the meeting were in line with the expectations of analysts, who indicated that the group will continue with its current strategy, and put an additional 400,000 barrels per day on the market in the last month of this year.

At this pace, the alliance will use all its production capacity in just under a year.

Several countries had recently called on “OPEC +” to increase crude oil supplies with strong demand.

On Sunday, on the sidelines of the Group of Twenty summit in Rome, US President Joe Biden expressed his regret that "Russia, Saudi Arabia and other major producers have refrained from pumping more oil," adding: "This is not fair."

At the beginning of the week, the price of a barrel of crude oil, the West Texas Intermediate crude oil contract, was trading at about $85 per barrel, approaching the highest level since 2014 that prices reached last week.

Other major black gold consumers, such as India and Japan, also prompted the "OPEC +" alliance to act.

But the concern of Saudi Arabia and Russia, the two countries that lead “OPEC +”, about the drop in oil prices in the event of an increase in production, helps explain the rejection of “OPEC +” calls from the United States and other consuming countries to get rid of the production cuts decided at a faster pace last year during the worst stages of the pandemic. .

Oil prices rise more than 1.0% on renewed supply fears

 Oil prices extended their rise with the opening of the US market on Monday, to rise by more than 1.0%, to continue its gains for the third day in a row, and Brent crude is on its way to achieving the second gain in the last three days, due to renewed concerns about a widening supply deficit during the last quarter of this The year, in light of expectations that the “OPEC Plus” alliance will stick to the current production policy without any change during the monthly meeting scheduled for next Thursday.

 US crude rose 1.1% to the level of $ 84.24, from the opening level at $ 83.28, and recorded the lowest level at $ 82.77, and Brent crude rose by 1.2% to the level of $ 84.68 a barrel, from the opening level at $ 83.71, and recorded the lowest level at 83.06 $.

When prices were settled on Friday, US crude gained 0.3%, the second consecutive daily gain. On the other hand, Brent crude lost 1.1%, after it achieved a 0.6% increase the previous day.

In terms of trading last week, international oil prices lost an average of 1.75%, the first weekly loss in two and a half months, due to corrections from the highest level in several years.

 Over the course of the entire month of October, international oil prices rose by an average of 8.5%, the second consecutive monthly gain, due to the possibility of a widening supply deficit during the last quarter of this year.

Traders' eyes are directed to the meeting of the Organization of Petroleum Exporting Countries "OPEC" and its allies from independent producers, led by Russia, the alliance known globally as OPEC Plus, next Thursday to determine production levels for next December.

It is widely expected that the alliance will stick to the current production policy, without approving any new increases in supplies, despite the continuous pressures from the US administration to raise production levels and rein in oil prices in order to ensure the protection of the global economic recovery.

 

 

 

 

Experts expect oil prices to reach $100 per barrel by the end of 2021

 Experts expected that oil will exceed the price of $ 100 per barrel, by the end of this year, due to the high demand and the continuous recovery from the Corona epidemic.

US bank Goldman Sachs said a strong recovery in global oil demand could push Brent crude prices above its year-end forecast of $90 a barrel.

The American investment bank expects that oil demand will soon reach pre-Coronavirus levels; At about 100 million barrels per day, with consumption recovering in Asia after the wave of the mutated strain "Delta", it is also expected that the switch from gas to oil will add at least one million barrels per day to the demand for crude.

For his part, Larry Fink, CEO of the American company, BlackRock, estimated that the prospects of oil prices rising to $100 per barrel of Brent crude increased, in light of rising energy prices by next year.

The estimates of the President of "BlackRock" came during his speech during the Future Investment Initiative in the Saudi capital, Riyadh, which began its work on Monday and continues until Thursday.

Oil prices recently exceeded $86 a barrel, at the peak of 2014; Many think tanks expect it to reach $100 as demand increases after recovering from Corona.

Oil prices fell during trading on Tuesday, after a rally driven by strong demand in the United States; The largest consumer of oil and its derivatives in the world to $85.12 a barrel.

US West Texas Intermediate crude futures prices for December delivery also fell 0.14%, or 12 cents, to $83.64 a barrel.

Demand for LNG is expected to rise by 50% by 2030

 Analysts from "Morgan Stanley" for US investment research expected that the demand for liquefied natural gas will rise by 25 to 50 percent by 2030, making it the fastest growing fuel over the next decade, of which Qatar is the number one exporter in the world.

And according to what was reported by Reuters on Monday evening, Morgan Stanley raised its long-term LNG price forecast to $10 per million British thermal unit meters (Btu).

LNG prices in Asia hit a record high of $6, with demand rising ahead of winter.

Analysts at Morgan Stanley said: “At least 73 million tons per year of new projects are needed to meet demand for LNG by 2030, and this will require an additional $65 billion in new projects, in addition to $200 billion in projects.” Under construction".

"Contrary to investor expectations, the world will need more LNG in the initial phase of its energy transition," analysts said.

But analysts pointed out that "competitive technologies for natural gas are not being developed quickly enough, and there are significant benefits in reducing coal consumption, while the more environmentally friendly fuels are being marketed."

Analysts expressed their belief that "investor sentiment towards companies focused on LNG is likely to increase given better prices and returns expectations."

They said: "Demand for liquefied natural gas will outpace growth in other hydrocarbons over the next ten to fifteen years," expecting that "demand for oil will also grow."

It is noteworthy that, according to official estimates, Qatar's proven reserves of natural gas are estimated at 879.9 trillion cubic feet, equivalent to 12.9% of the world's total natural gas reserves.

Qatar is the largest producer and exporter of liquefied natural gas in the world, with a production rate of 30% of global gas production.

Brent is at its highest level since 2018, exceeding $86

Oil prices rose during trading on Monday, exceeding their highest levels since 2018, with the recovery in global demand for crude, and despite the rise of the dollar against most major currencies.

With the approach of winter, the demand for heating fuel began to increase in Europe and the United States, which led to a rise in prices along with a decrease in supply.

This was evident in the wake of the Energy Information Administration's announcement of an unexpected drop in US crude stocks last week.

In a separate context, the dollar index (against a basket of major currencies) rose at exactly 15:53 ​​GMT by 0.2% to 93.7 points, and recorded the highest level at 93.9 points and the lowest level at 93.4 points.

In terms of trading, US “NYMEX” crude futures for December delivery rose by 0.7% to $84.4 a barrel by 15:49 GMT, the highest level since October 2014.

Brent crude futures for December delivery rose 0.9% to $86.3 a barrel, its highest level since October 2018.

Oil prices are falling under the pressure of corrections and profit taking

 

Oil prices continued to decline with the opening of the American market on Thursday, to drop from the highest level in several years recorded earlier in the Asian market transactions, due to the activity of correction and profit-taking operations, on the verge of incurring the first loss in the last three days, and the expansion of losses is curbing positive indicators On improving demand in the United States.

 

US crude fell by 1.1% to the level of $ 82.63, from the opening level at $ 83.50, and recorded the highest level at $ 83.93, the highest since October 2014, and Brent crude fell by 1.3% to the level of $ 84.74 a barrel, from the opening level at 85.88 $, and recorded the highest level at $ 86.08, the highest since October 2018.

 

US crude, when prices settled on Wednesday, rose by 1.3%, and Brent crude rose by 0.9%, in the second consecutive daily gain, after the weekly report of the US Energy Agency.

 

Yesterday, the US Energy Agency announced a decrease in commercial stocks in the country by about 0.4 million barrels, during the week ending on October 15, in the first weekly decline in a month, contrary to the expectations of experts, a rise of about 2.1 million barrels.

 

The sudden drop in US inventories is a positive sign about improving demand and withdrawal levels in the world's largest fuel consumer.

 

As for US production, it decreased last week by about 100,000 barrels per day, the first weekly decline in a month and a half, bringing the total production down to 11.3 million barrels.

 Oil prices reach the highest level in 7 years

For the sixth week in a row, US energy companies increased the number of operating oil and gas rigs, coinciding with the rise in oil prices to the highest level since 2014, prompting drillers to return to the wells rig.

According to Reuters, energy services company Baker Hughes said in its closely watched report that the number of oil and gas rigs has been increased, which is an early indicator of future production.

In this regard, the number of rigs increased from 10 to 543 in the week until October 15, the highest level since last April 2020, bringing the total number of rigs to 261 rigs, or 93%, during this time last year.

The number of US oil rigs also rose from 12 to 445 this week, the highest level since April 2020, while gas rigs fell to 98, the lowest level since last August.

In a related context, US crude futures recorded a rise last week, reaching their highest levels since 2014, amid expectations of a supply deficit over the next few months, as the rocketing rise in gas and coal prices encouraged a shift to oil products.

Some energy companies plan to increase spending in 2021 after cutting drilling and completion expenses in 2019 and 2020. The move comes as oil prices have risen 69% so far this year, according to energy companies.

This increase in spending remains small, as most companies continue to focus on boosting cash flow, reducing debt, and increasing shareholder returns rather than adding production.

US oil production is expected to decline from 11.3 million barrels per day in 2020 to 11 million barrels per day in 2021, before rising to 11.7 million barrels per day in 2022, according to government projections. That compares with an all-time high of 12.3 million barrels per day in 2019.

Enverus, which releases its rig count data, said prospectors added 10 rigs in the week through Oct. 13, 7 of them in Permian shale in Texas and New Mexico. Analysts said: There are many reasons why prospectors add oil rigs more than gas.

The US domestic demand for gas has declined since it reached a record level in 2019, due to the decline in demand caused by the Corona pandemic in 2020, and the pandemic caused a rise in the prices of power generators in 2021.

Iran is preparing to increase oil production

Iranian President Hassan Rouhani said on Sunday that the government is "preparing" to restore "natural energy" to oil production in the country, in order to export abroad, noting that Iran "managed to sell two million barrels (per day), after the nuclear agreement entered into force." According to the Iranian Mehr News Agency.

 

The agency quoted Rouhani, who was speaking before the government budget preparation committee, that "Iran is ready to increase oil production quickly."

 

The New York Post quoted unnamed Iranian media outlets that Rouhani said he would increase oil production to its full capacity in the next three months, "if the president-elect, Joe Biden, eases the sanctions when he takes office in January."

 

Rouhani admitted that the "economic war" had put "many obstacles" to Iran's oil and petrochemical exports.

 

During the era of US President Donald Trump, the US administration imposed continuously, and with an increasing frequency, sanctions on Iran's economic sectors, which led to almost complete paralysis of its export sector, with the exception of exceptions granted to countries, including Iraq.

 

According to frequent reports, Iran is making continuous attempts to circumvent the sanctions, by switching export tankers or selling oil on the black market in an attempt to save its economy from complete collapse.

 

"The Ministry of Oil will take all necessary steps to prepare oil industry facilities for the production and sale of facilities - in proportion to the available capacity - during the next three months," Reuters said, citing Iranian news agencies.

 

Biden, who will take office on January 20, said he would ease sanctions if Tehran returned to "strict compliance with the nuclear deal."

 

Iran exports, according to estimates, less than 300,000 barrels of oil per day, compared to 2.8 million barrels in 2018.

 

Oil is making gains today

 

Oil prices rose during trading today, Monday, following the release of positive news related to the Corona virus, but crude later trimmed its gains amid the dollar's rise against most major currencies after Brent traded at $ 46 higher for the first time in three months.

 

The company "AstraZenica" revealed today that the vaccine developed in cooperation with the University of "Oxford" may reach about 90% effectiveness in preventing Corona virus, and confirmed its ability to deliver 200 million doses of this vaccine by the end of this year.

 

On the other hand, the dollar index rose (against a basket of major currencies) by 17:03 GMT, by 0.2% to 92.6 points, and recorded the highest level at 92.8 points and the lowest level at 92.02 points.

 

In terms of trading, US Nymex crude futures for January delivery by 17:01 GMT rose 1.2% to $ 42.9 a barrel, and recorded the highest price at $ 43.3 and the lowest price at $ 42.2. “January delivery increased 2.1% to $ 45.9 a barrel, and the highest price was at $ 46.08 and the lowest price was at $ 44.8.