WOW! $70 WTI before the end of June

WOW! $70 WTI before the end of June

Postby dan_s » Tue Jun 08, 2021 6:16 pm

WTI settles above $70/Bbl for first time since Oct '18; Prompt gas gained 5.8c to $3.128

Closing Prices:
> WTI prompt month (JUL 21) was up $0.82 on the day, to settle at $70.05/Bbl.
> NG prompt month (JUL 21) was up $0.058 on the day, to settle at $3.128/MMBtu.

Trading Economics:
"Global oil markets were basking in the glow of improving demand sentiment and OPEC-led supply cuts, with WTI crude trading above the $70 a barrel level for the first time since October of 2018. Investors have been pricing in that a solid demand recovery in the US and China, the world’s two biggest oil consumers, along with vaccination, will lead to further rebalancing the oil market. On the supply side, OPEC+ agreed to keep to their plan to gradually ease supply curbs through July, signalling the ongoing strengthening of market fundamentals."

If EIA reports a large draw from crude oil storage on Wednesday morning we could see WTI finish out the week over $70/bbl.
Dan Steffens
Energy Prospectus Group
dan_s
 
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