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Energy Prices Inch Higher as Markets Bake In Tight Winter Supply

COMMODITIES
  • WTI and Brent crude futures shrugged off a rallying greenback to trade higher Wednesday, with expectations of tight supply across the winter months building globally. Active WTI futures topped $72/bbl, erasing the week's early underperformance as positive sentiment was reflected across the futures curve. Wednesday price action opens gains toward the Sep15 high initially at $72.87 ahead of the bull trigger at $73.58.
  • Elsewhere, Goldman Sachs affirmed the upside risk to prices this coming winter, forecasting an oil price of $90/bbl should the winter season be colder than expected. This echoes similar sentiment from Bank of America in recent weeks, who saw a risk of prices as high as $100/bbl on seasonal tightness in energy markets.
  • A surprisingly large build in gasoline inventories as part of the DoE stockpiles data was shrugged off by markets Wednesday, with the larger than expected draw in headline crude and distillates supplies providing a decent counter. Further evidence of supply coming back online following Hurricane Ida emerged, with refinery utilization higher by 5.4% on the week vs. Exp. 1.33%.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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