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A Little Firmer

OIL

WTI & Brent futures have added ~$0.40 to settlement levels, building on 2 sessions of gains. Monday's rally was aided by the continued issues re: getting U.S. Gulf supply back online in the wake of hurricane Ida, with a bullish sell-side note from Goldman Sachs no doubt helping the bid. The U.S. Gulf dynamic is feeding into the tight supply mantra, and the impact on prices was compounded by the latest OPEC report, released Monday, which revealed an uptick in the cartel's global demand forecasts. The latest round of weekly API crude inventory estimates will headline on Tuesday.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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