Saturday, September 30, 2023

Texas oil rises to US$83.19 a barrel and adds its seventh week to the rise

The price of Texas intermediate oil (WTI) rose 0.4% today and closed at US$83.19 a barrel, adding seven consecutive weeks of gains.

At the close of business on the New York Mercantile Exchange (nymex), WTI futures contracts for September delivery added $0.37 from the previous day.

He reference crude The US price has risen by 0.4% accumulated in the week, and today’s rise responds to new forecasts that point to a tight supply and strong demand.

The International Energy Agency (AIE) published this Friday its monthly report on the world oil market in which it predicted that in 2023 the global demand for crude oil will increase 2.2 million barrels per day (mbd) compared to the previous year and will reach a record of 102.2 mbd.

In addition, he pointed out that despite the fact that in July the demand At 100.9 mbd compared to the maximum reached in June of 102 mbd, another record could be recorded in August.

This increase in demand is encouraged by the increase in consumption in energy generationdue to the increase in air travel during the summer and the greater petrochemical activity in China, a country that accounts for more than 70% of said increase in demand.

To this is added the reduction in production in the month of July that the Organization of Petroleum Exporting Countries recorded and that it attributed to a large extent to the pumping cuts that it applied Saudi Arabia in June,

Separately, natural gas futures for September added nearly $0.01, up $2.77, and gasoline futures due the same month added $0.06, up $2.96.


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