Crude prices continue to rise for the sixth session in a row, in the middle of the trading session today, Tuesday, and before the opening of the American markets, as Brent crude regained the levels of 80 dollars and is trading at levels of 80.20 dollars per barrel, rising by about 0.84% after testing the levels of 80.58 dollars per barrel in the morning, to trade Brent at its highest level since October 2018. After increases of about 1.8% in the opening session of the week yesterday, Monday, as we mentioned in our report, and we explained the reasons on the link, less than a dollar separates Brent crude from the levels of 80 dollars per barrel, and Goldman Sachs raises its expectations – Fayez Al-Ajmi (fayezalajmi-4x.com) On the other hand, American crude (NYMEX) is trading at an increase of about 1.10% at levels of $76.28 a barrel, its highest level since last July.
During the American session today, Tuesday, the markets are awaiting the report of the American Petroleum Institute in the preliminary reading of stocks, before the official reading from the US Energy Information Administration, which will be issued tomorrow, Wednesday.
Financial institutions and analysts continue to raise their expectations of a rise in oil demand in the coming period after the Goldman Sachs report, especially since the winter is expected to come colder than expected in the northern hemisphere due to climate change, which supports the high demand for oil to be used for heating purposes.
Natural gas, in turn, is trading in the middle of today’s session, Tuesday, at its highest level since 2014, at an increase of about 10%, and trading at levels of $ 6.28 per cubic meter, rising for the fourth consecutive session, with the crisis of supply shortage and rising expectations of a rise in demand for gas used as heating fuel in European countries With winter approaching.
06/11/2024
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