Crude oil continues to rise, WTI rises for 4 consecutive days to hold the high point for more than one year | Anue

Trading on Thursday (4th), crude oil futures prices continued to rise, and WTI crude oil prices rose to the highest closing price in more than a year for the fourth consecutive day.

As the economy gradually improves from the COVID-19 pandemic, the market expects OPEC+ to continue to limit output and continue to support oil prices.

UBS Global Wealth Management analyst Giovanni Staunovo said, “OPEC + strives to maintain global oil production below demand. We expect oil inventories to continue to decline this year. The continued promotion of vaccines should support the rise in global oil demand in the next few months. Let oil prices rise further.”

• WTI crude oil futures for March delivery rose 54 cents, or nearly 1%, to close at 56.23 per barrel USD。
• The price of Brent crude oil futures for April delivery rose 38 cents, or nearly 0.7%, to close at 58.84 per barrel. USD, The intraday high reached 59.04 USD。

According to Dow Jones market data, WTI rose for the fourth consecutive trading day on Thursday, and the most recent contract price reached the highest point since January 22, 2020; Brent crude oil rose for the fifth consecutive trading day and set a record since February 20 The highest closing price of.

Other energy commodities

• Gasoline futures prices for March delivery fell 0.2% to close at 1.6448 per gallon USD。
• Hot oil futures for March delivery rose 0.6% to close at 1.7005 per gallon USD。
• Natural gas futures for delivery in March rose 5.2% to close at 2.935 per million Btu USD。

OPEC+’s monthly regular meeting ended on Wednesday did not make any changes to the production reduction agreement, and expressed optimism in the statement that 2021 is the “year of recovery”.

Phil Flynn, a senior market analyst at the Price Futures Group, said that oil demand is rising. “OPEC’s limited production and weak U.S. oil production have tightened global inventories. With the promotion of global vaccines, oil demand will rise. Next year, the world will move towards A large supply shortage.”

However, EIA released its annual report on Wednesday, taking a pessimistic view of the recovery in energy demand. The EIA stated that overall U.S. energy consumption may not “roughly return” to the level of 2019 until 2029, but the forecast “will largely depend on the pace of U.S. economic recovery.” If the U.S. economy grows low, the level of energy consumption may be It will not return to 2019 levels until 2050.

At the same time, the EIA reported on Thursday that in the week ending January 29, domestic natural gas supply had decreased by 192 billion cubic feet.

According to a survey by S&P Global Platts., analysts on average expect natural gas supply to fall by 195 billion cubic feet during the week.