WTI crude oil futures rose today. Investors speculated that the Texas energy industry would still take time to resume oil production.
As of 20.04 hours Thai time, the West Texas Crude Oil (WTI) contract for delivery in March. It traded 43 cents, or 0.7 percent, to $ 62.13 a barrel.
The source said The oil market will remain tight. Due to the delay in oil production in Texas, there will be a delay. It took at least two weeks after the cold weather had affected previous oil and gas production.
Analysts state that The previous power shortage in Texas has affected about a fifth of U.S. oil refineries, as well as producing about 4 million barrels per day of crude oil. And natural gas production of 2.1 billion cubic feet / day in the US
Moreover, the price of oil was also driven by increased oil demand. As countries began to relax the lockdown measures This will make the economy open. And increase the demand for oil
Investors keep an eye on meetings of the Petroleum Exporting Countries (OPEC) and allies. Or OPEC Plus on March 4, with expectations that the meeting will pass a resolution to relax measures to cut oil production after April. Since the oil price has now recovered.
Goldman Sachs released this year’s oil price trend report. By revising the forecast of oil prices From the lower-than-expected oil stock factor And the flow of speculation of investors
Goldman Sachs expects Brent crude oil (BRENT) to hit $ 70 / barrel in the second quarter from previous estimates of $ 60 / barrel. It is expected to hit $ 75 / barrel in the third quarter from previously forecast $ 65 / barrel.
Morgan Stanley expects Brent crude to bounce to $ 70 / barrel in the third quarter on the back of improved market conditions. This includes the trend of a rebound in oil demand.
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