Economy

Closing Prices For Crude Oil, Gold And Other Commodities

Closing Prices For Crude Oil, Gold And Other Commodities”

US oil and gas drillers are gearing up for a pick-up in demand.

Brent crude was up $1.31, or 2.3%, at $57.66 a barrel by 1500 GMT for its third straight day of gains and the highest levels since February past year.

"With OPEC and its allies (OPEC+) endeavouring to keep global oil production below demand, we expect petroleum inventories to keep falling", UBS said in a note.

Shell's purchase was the most cargoes of benchmark grades in a single day in ten years in the S&P Global (NYSE:SPGI) Platts pricing window.

The rally in headline crude prices and buying binge in physical markets comes amid a markedly tighter structure in the oil futures curve this year.

Oil prices increased on Monday, improved by the start of Saudi Arabia's manufacture cut of 1 million barrels per day (bpd) and with positive statements on the new COVID-19 vaccines.

More news: US Democrats file budget resolution for Covid-19 relief

USA distillate fuel stockpiles, including heating oil, fell in the latest week, according to the API.

The American Petroleum Institute will release its preliminary data on United States crude inventories later today, and the Energy Information Administration will release its official report Tomorrow.

Various bullish fundamental catalysts have put crude oil markets on the front foot on Monday and front-month futures contracts for West Texas Intermediary (WTI), the American benchmark for sweet light crude oil, has come within a whisker of recent highs set earlier on in the month of just below the $54.00 level. Even amid a spate of unplanned refinery outages that would normally boost gasoline prices on the U.S. Gulf Coast, they are barely causing a ripple as the pandemic continues to cap fuel demand.

Meanwhile, retail investors using online chatrooms like Reddit will be hard pressed to influence other commodity markets beyond silver, Goldman Sachs Group Inc.'s Jeff Currie said in a Bloomberg Television interview.

"The market is definitely going to see supply contract, assuming OPEC doesn't immediately move to fill the gap", said Bill O'Grady, executive vice president at Confluence Investment Management in St. Louis. But the coalition will soon be faced with some tough choices.



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