Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Energy

Oil gains for the 4th consecutive week

Ajibola AkamobyAjibola Akamo
1 year ago
in Energy, Spotlight
Crude Oil
Share on FacebookShare on TwitterShare on Linkedin

The black liquid has posted its fourth straight weekly gain. This can be attributed to the impact of unexpected supply shortages from the three-week-old Hurricane Ida, despite a risk-off sentiment across markets on Friday that weighed partially on crude prices.

The U.S benchmark, New York-traded West Texas Intermediate (WTI), settled on Friday at $71.97 per barrel. However, the benchmark closed the week bullish by 3% regardless of Friday’s decline.

The global benchmark for oil, London-traded Brent crude oil futures finished Friday’s official trade at $75.34, down 0.4% for the day. However, for the week, the Brent futures gained about 3% for the week.

Hurricane Ida forced the closure of 90% of the oil-producing facilities in the U.S. Gulf of Mexico. This is because the hurricane caused a landfall towards the end of August. As of Thursday, weeks after the storm’s landfall, according to the Bureau of Safety and Environmental Enforcement, the government agency monitoring the situation, 513,878 barrels equivalent of oil, or 28.24% of the production in the U.S. Gulf Coast of Mexico remained shut-in.

Also weighing on markets was President Biden’s plan to raise corporate taxes by 5.5 percentage points to 26.5% and next week’s Federal Reserve meeting that could revisit the subject of taper for the central bank’s stimulus program that has increased stock prices over the past 18 months.

John Kilduff, a founding Partner of Again Capital stated, “It’s a risk-off day that scalped a few heads, including oils. But crude is still cruising on the supply tightness caused by Ida. There’s some talk today that the situation is easing. But it’s nowhere near enough to cause a meaningful correction in oil that will happen — at some point.”

Bottomline

Data from the Energy Information Administration revealed that U.S. crude stockpiles dropped by 6.422 million barrels in the latest week to September 10 on heavier-than-expected drawdown from inventories by refiners facing a squeeze in domestic crude supply. Analysts polled by Investing.com had forecast a drop of 3.544 million barrels for the week to September 10. In the previous week to September 3, crude draws hit four-week lows from Ida-related disruptions.

Related

Tags: crude oil

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Geregu Power becomes first to release audited accounts in 2023, share price soars 10%
  • International Organization of Securities Commissions revises its 2011 principles 
  • NBS says Nigeria’s public debt has risen to N44.06 trillion

Follow us on social media:

Recent News

COVID-19: Otedola pledges N1 billion donation for Nigeria to combat disease, Otedola backtracks, says Adenuga has redeemed N1 billion pledge to the CACOVID fund

Geregu Power becomes first to release audited accounts in 2023, share price soars 10%

January 31, 2023

International Organization of Securities Commissions revises its 2011 principles 

January 31, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics