Oil & Gas Prices - Close a lot higher than where they began
Posted: Fri Dec 31, 2021 5:56 pm
Trading Economics:
"WTI crude futures ending the year around $75 per barrel, heading for a 57% gain in 2021, the strongest annual performance since 2009 driven by the global economic recovery and supply-side issues. The demand for oil remained relatively firm throughout the year despite ubiquitous Covid outbreaks coupled with lockdown and travel restrictions, exacerbated by the emergence of the delta and omicron variants. Analysts attributed the market’s strength to pent-up demand, government stimulus and producer restraint. On the supply side, the OPEC+ resisted calls from major economies to increase oil production and is expected to stick to their existing policy of modest monthly output increases at its Jan. 4 meeting, similar to its decision in the Dec. 2 meeting. Major consumers responded with a US-led coordinated release of about 50-60 million barrels of emergency reserves, most of which will be released in the 1st quarter of 2022, but the move is widely seen to have limited effect on the markets."
Q4 results for all of our model portfolio companies should be very good.
Happy New Year!
"WTI crude futures ending the year around $75 per barrel, heading for a 57% gain in 2021, the strongest annual performance since 2009 driven by the global economic recovery and supply-side issues. The demand for oil remained relatively firm throughout the year despite ubiquitous Covid outbreaks coupled with lockdown and travel restrictions, exacerbated by the emergence of the delta and omicron variants. Analysts attributed the market’s strength to pent-up demand, government stimulus and producer restraint. On the supply side, the OPEC+ resisted calls from major economies to increase oil production and is expected to stick to their existing policy of modest monthly output increases at its Jan. 4 meeting, similar to its decision in the Dec. 2 meeting. Major consumers responded with a US-led coordinated release of about 50-60 million barrels of emergency reserves, most of which will be released in the 1st quarter of 2022, but the move is widely seen to have limited effect on the markets."
Q4 results for all of our model portfolio companies should be very good.
Happy New Year!