(New York) Oil prices closed higher for the fourth session in a row on Friday, with Brent even hitting a nearly three-year high, in a market where supply will remain permanently insufficient and demand is rising. rise.
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A barrel of North Sea Brent for November delivery ended at $ 78.09 in London, up 1.08% or 84 cents from Thursday’s close. This is its highest level at close since October 22, 2018.
In New York, a barrel of US WTI for same month delivery also rose 0.92% or 68 cents to end at $ 73.98.
For Michael Lynch, president of the firm Strategic Energy & Economic Research (SEER), this irresistible rise is due to the opinion of operators according to which the supply of black gold is insufficient in the world.
“Watching (US crude) stocks go down more and more makes people think the market is going to stay tight at least for some time to come,” he commented.
In the Gulf of Mexico, some 31 oil rigs were still unmanned after massive evacuations before Hurricane Ida hit four weeks ago.
According to analyst Louise Dickson of Rystad Energy, the disruptions linked to Ida should deprive the market of 300,000 barrels per day between late August and December, then between 120,000 and 125,000 in the first quarter of 2022, or nearly 50 million barrels in total.
In addition, almost a quarter of the region’s gas production capacity (24.27%) was still missing on Thursday, according to the Environment and Security Regulatory Bureau (BSEE), which contributes to tensions in this market.
These constraints on gas production, much higher than those observed on oil, lead to a shift in demand for gas towards black gold, further supporting crude prices.
As for demand, it does not show any sign of weakening, with the increase in crude imports into India, the improvement in the health situation in Europe and the lifting, by the United States, of restrictions on entry into the market. the United States, which should boost travel and airline demand for kerosene.
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