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Post by thelivyjr » Tue Sep 14, 2021 1:40 p

"Oil Inventories Fell by 5.44M Barrels Last Week: API"

Sep 14, 2021 - U.S. crude stockpiles fell by more than expected last week, tumbling by almost 5.5 million barrels amid continued fallout from production outages caused by Hurricane Ida, figures from the American Petroleum Institute showed.

U.S. crude inventories decreased by 5.437 million barrels for the week ended Sept. 10.

That compared with a draw of 2.88 million barrels reported by the API for the previous week.

Analysts were expecting a draw of about 2.4 million barrels.

The API also showed that gasoline inventories declined by 2.76 million barrels last week, while distillate stocks fell by 2.89 million.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies declined by about 3.54 million barrels last week.

West Texas Intermediate, the benchmark for U.S. crude, climbed to $70.67 a barrel on the news, after settling up 1 cent to $70.46 a barrel. ... pi-2616260

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Post by thelivyjr » Tue Sep 14, 2021 1:40 p


"10-year yield falls after consumer price index increases slightly less than expected"



U.S. Treasury yields retreated on Tuesday after a key inflation report showed a slightly smaller-than-expected rise in prices.

The yield on the benchmark 10-year Treasury note fell 4.7 basis points to 1.277% at 4:02 p.m. ET.

The yield on the 30-year Treasury bond slid 5.5 basis points at 1.849%.

Yields move inversely to prices and 1 basis point is equal to 0.01%.

The consumer price index showed a 5.3% year-over-year increase for August, slightly below the consensus estimate of 5.4% from Dow Jones.

Core CPI, which excludes volatile food and energy prices, rose just 0.1% month over month, coming in below expectations of 0.3%.

“With the inflation read coming in lighter than expected, there’s a glimmer of hope that prices are finally beginning to normalize, but we’re far from fully out of the woods when it comes to supply chain issues and raw material shortages,” E*TRADE Financial’s Mike Loewengart said.

Inflation data is being closely watched by the Federal Reserve as it considers when to start tightening monetary policy.

The Fed is due to kick off its latest two-day policy meeting next Tuesday.

BMO Global Asset Management’s Steven Bell said on Tuesday that he expected the Fed to confirm plans to start tapering bond purchases at the end of the year.

He said this was now priced into markets, so expected attention to turn to when the Fed would start hiking interest rates, which depended on inflation and employment data.

“Figures out this week may show that inflation has cooled a bit in month-on-month terms but it remains well above the 2% target, it’s employment that is holding the Fed back from pulling the trigger on a rate rise,” Bell said.

Nonfarm payrolls grew by just 235,000 in August, well below expectations of 720,000 new positions. ... -data.html

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Post by thelivyjr » Tue Sep 14, 2021 1:40 p


"TREASURIES-U.S. yields fall as cooling inflation points to laxer Fed"

By Rodrigo Campos

SEPTEMBER 14, 2021

NEW YORK, Sept 14 (Reuters) - U.S. government bond yields fell on Tuesday after data showed consumer prices increased at their slowest pace in six months in August, suggesting that inflation had probably peaked and removing urgency from the next move by the Federal Reserve.

The yield on the benchmark 10-year note fell more than 6 basis points on the day to a low of 1.263%, the lowest reading since Aug. 24.

The core measure of U.S. consumer prices edged up 0.1% last month, the smallest gain since February.

The measure, which excludes the volatile food and energy components, increased 4.0% on a year-on-year basis after advancing 4.3% in July.

The data could be volatile in the coming months as shortages of basic materials and parts have created bottlenecks, and price increases, across various supply chains.

The August slowdown gives the Federal Reserve breathing room as it prepares to reduce its massive bond holdings and decide how soon to begin lifting rates from near zero.

"When the CPI print came out earlier today, and the miss on inflation to the downside, yields started to turn lower and it just seems that the market is interpreting the miss as an indication that the Federal Reserve will simply be more dovish when it comes to monetary policy going forward," said Jim Barnes, director of fixed income at Bryn Mawr Trust.

The yield on 10-year Treasury notes was down 4.7 basis points to 1.277%.

The 30-year Treasury bond yield was down 5.4 basis points to 1.850%.

The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 0.6 basis points at 0.209%.

The U.S. Treasury yield curve measuring the gap between yields on 5- and 30-year Treasury notes was at 106.7 basis points, the flattest since August 2020.

The flatter 5/30 spread points to traders losing interest in the reflation story, in line with cooling inflation.

The spread between 2- and 10-year Treasury yields, was at 106.6 basis points.

The breakeven rate on five-year U.S. Treasury Inflation-Protected Securities (TIPS) was last at 2.512%, after closing at 2.554% on Monday.

A pullback in U.S. stock indexes further pressured yields lower mid-morning according to Tom di Galoma, managing director at Seaport Global Holdings.

"Equities seem to be struggling a bit and there's a flight to quality behind it taking place," he said.

(Reporting by Rodrigo Campos and Karen Brettell; Editing by Marguerita Choy and Will Dunham) ... SL1N2QG1YF

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Post by thelivyjr » Tue Sep 14, 2021 1:40 p


"U.S. stocks close lower on worries over recovery, corporate tax hikes"

By Stephen Culp

SEPTEMBER 14, 2021

NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.

Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report.

All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.

So far this month the S&P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.

“There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

“From a seasonality perspective, September tends to be the window dressing period for fund managers.”

The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.

“We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

“Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”

The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.

U.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value.

The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.

The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.

All 11 major sectors in the S&P 500 ended the session red, with energy and financials suffering the largest percentage drops.

Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices.

Its shares closed down 1.0% and were the heaviest drag on the S&P 500 and the Nasdaq.

Intuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.

CureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.

Declining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.

The S&P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.

Volume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.

Reporting by Stephen Culp; additional reporting by Krystal Hu in New York and Ambar Warrick in Bengaluru; Editing by Richard Chang ... SKBN2GA0W9

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Post by thelivyjr » Wed Sep 15, 2021 1:40 p


"Consumer prices post smaller-than-expected increase in August"




* Consumer prices in August rose 5.3% from a year ago and 0.3% from July, the Labor Department reported Tuesday.

* Both totals were slightly below market expectations, sending stock futures higher.

* Stripping out food and energy, the consumer price index was up just 0.1% for the month.

Prices for an array of consumer goods rose less than expected in August in a sign that inflation may be starting to cool, the Labor Department reported Tuesday.

The consumer price index, which measures a basket of common products as well as various energy goods, increased 5.3% from a year earlier and 0.3% from July.

A month ago, prices rose 0.5% from June.

Economists surveyed by Dow Jones had been expecting a 5.4% annual rise and 0.4% on the month.

Stripping out volatile food and energy prices, the CPI rose just 0.1% for the month vs. the 0.3% estimate, and 4% on the year against the expectation of 4.2%.

The 5.3% annual increase still keeps inflation at its hottest level in about 13 years, though the August numbers indicate the pace may be abating.

Markets initially rallied following the release, with stock index futures well off their morning lows.

However, the market headed lower after the open.

Energy prices accounted for much of the inflation increase for the month, with the broad index up 2% and gasoline prices rising 2.8%.

Food prices were up 0.4%.

Energy is up 25% from a year ago and gasoline has surged 42% during the period.

However, excluding those two categories resulted in the slowest monthly CPI increase since February.

Used car and truck prices, which had been a major feeder of the headline inflation gains, fell 1.5% in August but are still up 31.9% year on year.

New vehicle prices, though, rose 1.2%.

Transportation services declined 2.3% for the month.

Federal Reserve officials have been watching inflation closely but have largely said they believe this year’s burst will be temporary and due to factors that will soon fade.

They cite supply chain bottlenecks, shortages of critical products like semiconductors and heightened pandemic-related demand for goods as major contributors that at some point will drift back to normal levels.

Markets largely expect the Fed to start pulling back on some of the unprecedented monetary policy help the central bank has provided during the pandemic.

Fed policymakers themselves have indicated that they probably will start slowing the pace of their monthly bond purchases before the end of the year.

Investor fears about inflation have calmed as well.

The Bank of America Fund Manager Survey for September indicated that a net level of respondents now expect inflation to fall over the next 12 months.

As recently as April, a net 93% were expecting it to increase. ... -2021.html

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Post by thelivyjr » Wed Sep 15, 2021 1:40 p


"U.S. Senate panel may force Afghanistan answers from Biden administration"

By Patricia Zengerle and Doina Chiacu

September 14, 2021

WASHINGTON, Sept 14 (Reuters) - The chairman of the Senate Foreign Relations Committee threatened on Tuesday to subpoena Secretary of Defense Lloyd Austin and other officials if necessary to make them testify to Congress about the chaotic U.S. withdrawal from Afghanistan.

"A full accounting of the U.S. response to this crisis is not complete without the Pentagon – especially when it comes to understanding the complete collapse of the U.S.-trained and funded Afghan military," Democratic Senator Bob Menendez said at the second congressional hearing in two days, which included testimony from Secretary of State Antony Blinken.

"I expect that the Secretary (Austin) will avail himself to the Committee in the near future."

"If he does not, I may consider the use of the Committee’s subpoena power to compel him and others over the course of these last twenty years to testify," Menendez said.

A Pentagon spokesman responded that Austin was unable to appear because of "conflicting commitments" and added that Austin would testify at the end of September before the Senate and House of Representatives Armed Services Committees.

Menendez told MSNBC after the hearing that he nonetheless wanted Austin to appear before the foreign policy panel.

Lawmakers - President Joe Biden's fellow Democrats as well as Republicans - peppered Blinken with questions and criticism during the 3-1/2 hour hearing about the messy end last month to America's longest war and why the administration did not delay the withdrawal to allow more people to be evacuated.

Menendez blasted the exit as "clearly and fatally flawed."

Blinken said U.S. officials had not expected the Taliban's lightning advance and the "11-day collapse" of U.S.-backed Afghan forces.

"That's what changed everything," Blinken said.

U.S. forces had been in Afghanistan since toppling the Taliban in the wake of the Sept. 11, 2001, attacks which they say were masterminded by al-Qaeda leaders based in the country.

Senator Jim Risch, the committee's top Republican, said he worried the administration was seeking to normalize relations with the Taliban and called plans to restart humanitarian aid "deeply, deeply concerning."

He described the militant group as "one of the best-armed terrorist organizations on the planet," now that it controls military equipment left behind by U.S. forces.

"There is not enough lipstick in the world to put on this pig to make it look any different than what it actually is," Risch said.

Members of Congress, which is narrowly controlled by Biden's fellow Democrats, have pledged to investigate since the collapse of the Kabul government and takeover of Afghanistan by the Taliban last month.

Representative Michael McCaul, the top Republican on the House Foreign Affairs Committee, announced after Monday's House hearing with Blinken that he had hired a former CNN reporter to investigate the withdrawal.

Blinken, and many Democrats, repeatedly noted that Republican former President Donald Trump had negotiated the withdrawal agreement with the Taliban.

Several Democrats accused Republicans of hypocrisy for supporting Trump's planned withdrawal but opposing Biden's action.

Reporting by Patricia Zengerle and Doina Chiacu; additional reporting by Humeyra Pamuk and Idrees Ali; Editing by Alistair Bell ... 021-09-14/

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Post by thelivyjr » Wed Sep 15, 2021 1:40 p


"U.S. inflation coming off the boil as prices increase slowly in August"

By Lucia Mutikani

SEPTEMBER 14, 2021

WASHINGTON (Reuters) - Underlying U.S. consumer prices increased at their slowest pace in six months in August as used motor vehicle prices tumbled, suggesting that inflation had probably peaked, though it could remain high for a while amid persistent supply constraints.

The broad slowdown in price pressures reported by the Labor Department on Tuesday aligns with Federal Reserve Chair Jerome Powell’s long-held belief that high inflation is transitory.

Still, economists cautioned it was too early to celebrate and expected the U.S. central bank to lay out plans in November to start scaling back its massive monthly bond-buying program.

“Inflation remains troublingly strong, even if it is not exploding like it did earlier in the year,” said James McCann, deputy chief economist at Aberdeen Standard Investments in Boston.

“If we continue to see further step-downs in inflation over the next six months, that should ease the pressure on the Fed to quickly follow tapering with interest rate rises.”

The consumer price index excluding the volatile food and energy components edged up 0.1% last month.

That was the smallest gain since February and followed a 0.3% rise in July.

The so-called core CPI was held back by a 1.5% decline in prices for used cars and trucks, which ended five straight monthly increases.

Robust rises in prices of used cars and trucks, as well as services in industries worst affected by the COVID-19 pandemic, were the key drivers behind a heating up of inflation at the start of the year.

Airline fares plunged 9.1% in August, likely as a resurgence in infections, driven by the Delta variant of the coronavirus, sapped demand for air travel.

There were also decreases in motor vehicle rentals and insurance.

In the 12 months through August, the core CPI increased 4.0% after advancing 4.3% in the 12 months through July.

Economists polled by Reuters had forecast the core CPI would gain 0.3% for the month and increase 4.2% year-on-year.

Stocks on Wall Street were trading lower.

The dollar fell against a basket of currencies.

U.S. Treasury prices rose.


In addition to the price surge for used cars and trucks appearing to have run its course, hotel and motel accommodation prices are now above the pre-pandemic level, suggesting moderate gains ahead.

Prices for hotels and motels accommodation fell 3.3% after shooting up 6.8% in July.

Some of the price plunge was probably because of the soaring coronavirus infections.

But bottlenecks in the supply chain remain and the labor market is tightening, pushing up wages.

There were a record 10.9 million job openings as of the end of July, forcing companies to boost wages as they compete for workers. on Tuesday hiked its average starting wage to $18 per hour.

A shortage of homes is driving record house price gains and rents are going up as COVID-19 vaccinations allow companies to recall workers to offices, pulling Americans back to cities following a pandemic-fueled exodus to lower-density areas.

These factors could contribute to keeping annual inflation higher.

Owners’ equivalent rent of primary residence, which is what a homeowner would receive from renting a home, increased 0.3% in August, rising by the same margin for the fourth straight month.

“The biggest upside risk to inflation in the next six months is from the potential pass-through of higher house prices to the CPI shelter component,” said Bill Adams, a senior economist at PNC Financial in Pittsburgh, Pennsylvania.

Prices for furniture and bedding rebounded 2.3%, while appliances accelerated 1.5%, underscoring the supply chain constraints.

New motor vehicle prices rose 1.2%, marking the fourth straight month of gains above 1%.

A global semiconductor shortage, worsened by the spread of the Delta variant in East Asia has forced auto manufacturers to cut production.

Consumers also paid more for apparel.

The cost of healthcare rose at a tame 0.2% as a strong gain in prices for hospital services was offset by a decline in prescription medication.

The cost of doctor visits was unchanged.

The government reported last week that producer prices increased solidly in August, with the PPI posting its largest annual gain in nearly 11 years.

Some economists expect officials at the Fed will upgrade their inflation estimates when the U.S. central bank publishes its summary of economic projections at end of the Sept. 21-22 policy meeting.

The Fed’s preferred inflation measure for its flexible 2% target, the core personal consumption expenditures price index, increased 3.6% in the 12 months through July, matching the gain in June.

August’s data will published later this month.

The overall CPI rose 0.3% in August, the smallest increase since January, after gaining 0.5% in July.

The food index increased 0.4%, slowing down after two straight months of hefty gains, as the cost of dairy products declined.

Prices for food away from home also moderated.

Gasoline prices rose 2.8% after increasing 2.4% in July.

In the 12 months through August, the CPI increased 5.3% after soaring 5.4% on a year-on-year basis in July.

“Even with a slowdown in monthly CPI gains, big year-over-year increases will persist until well into 2022,” said Chris Low, chief economist at FHN Financial in New York.

“The slowdown in sectors sensitive to the reopening is another piece of evidence for the transitory story of inflation, but steady increases elsewhere show that inflation should stick around even after those sectors adjust.”

Reporting by Lucia Mutikani, Editing by Chizu Nomiyama, Paul Simao and Andrea Ricci ... SKBN2GA14W

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Post by thelivyjr » Wed Sep 15, 2021 1:40 p


"Judge Blocks Medical Worker Vaccine Mandate in NY State - A federal judge has temporarily blocked New York state from forcing medical workers to be vaccinated after a group of health care workers sued, saying their Constitutional rights were violated."

By Associated Press

Sept. 14, 2021, at 5:31 p.m.

UTICA, N.Y. (AP) — A federal judge temporarily blocked the state of New York on Tuesday from forcing medical workers to be vaccinated after a group of health care workers sued, saying their Constitutional rights were violated because the state's mandate disallowed religious exemptions.

Judge David Hurd in Utica issued the order after 17 health professionals, including doctors and nurses, claimed in a lawsuit Monday that their rights were violated with a vaccine mandate that disallowed the exemptions.

The judge gave New York state until Sept. 22 to respond to the lawsuit in federal court in Utica.

If the state opposes the plaintiffs' request for a preliminary court order blocking the vaccine mandate, a Sept. 28 oral hearing will occur.

The state issued the order Aug. 28, requiring at least a first shot for health care workers at hospitals and nursing homes by Sept. 27.

Hazel Crampton-Hays, press secretary to New York Gov. Kathy Hochul, said in a statement that the state was considering all of its legal options.

“Governor Hochul is doing everything in her power to protect New Yorkers and combat the Delta variant by increasing vaccine rates across the State."

"Requiring vaccination of health care workers is critical to this battle,” Crampton-Hays said.

Messages seeking comment also were sent to lawyers for the Thomas More Society who filed the lawsuit.

In their lawsuit, health care professionals disguised their identities with pseudonyms such as “Dr. A.,” “Nurse A.,” and “Physician Liaison X.”

They cited violations of the U.S. Constitution, along with the New York State Human Rights Law and New York City Human Rights Law, because the state Department of Health regulation requiring workers to get the vaccine provided no exemption for “sincere religious beliefs that compel the refusal of such vaccination.”

The court papers said all of the available vaccines employ aborted fetus cell lines in their testing, development or production.

But religious leaders have disagreed over the issue and the Vatican issued a statement last year saying the vaccines were “morally acceptable.”

The lawsuit said the plaintiffs wanted to proceed anonymously because they “run the risk of ostracization, threats of harm, immediate firing and other retaliatory consequences if their names become known.”

The plaintiffs, all Christians, included practicing doctors, nurses, a nuclear medicine technologist, a cognitive rehabilitation therapist and a physician's liaison who all oppose as a matter of religious conviction any medical cooperation in abortion, the lawsuit said.

It added that they are not “anti-vaxxers” who oppose all vaccines. ... 3A28%20p.m.

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Post by thelivyjr » Wed Sep 15, 2021 1:40 p


"Top Intelligence officials say al Qaeda could rebuild in Afghanistan in one to two years - Officials say that members of the terrorist group have already started to return to Afghanistan"

By Michael Lee | Fox News


Al Qaeda could rebuild in Afghanistan and again become a threat to the U.S. homeland in one to two years.

"The current assessment probably conservatively is one to two years for al Qaeda to build some capability to at least threaten the homeland," said Director of the Defense Intelligence Agency Lt. Gen. Scott D. Berrier during Tuesday's National Security Summit.

Officials say that members of the terrorist group have already started to return to the country amid the Taliban takeover, speeding the timeline for which the group could begin to pose a renewed threat.

While both al Qaeda and ISIS-K have a presence in Afghanistan, only al Qaeda has an established alliance with the Taliban.

It is still unclear how much effort the Taliban will put into keeping the terrorist group in check, though they pledged during the peace agreement with the U.S. to not allow the country to become a haven for terrorist groups, a pledge some officials do not trust the Taliban to keep now that U.S. forces have departed Afghanistan.

Deputy director of the CIA David S. Cohen said the agency is watching "some potential movement of al Qaeda to Afghanistan" but noted it is hard for the CIA to assess a timeline for when they or ISIS-K would "have the capability to go to strike the homeland" before the agency could detect the threat.

Without a ground presence in the country, the officials will be looking to develop "over the horizon" methods of collecting intelligence.

"We will also look for ways to work from within the horizon, to the extent that is possible," Cohen said.

Berrier stressed that any over-the-horizon intelligence ability in Afghanistan will have to be developed alongside a new push to monitor rivals such as Russia and China.

"We’re thinking about ways to gain access back into Afghanistan with all kinds of sources," Berrier said.

"We have to be careful to balance these very scarce resources with this pivot to China, and to Russia."

Michael Lee is a writer at Fox News. Follow him on Twitter @UAMichaelLee ... -two-years

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Post by thelivyjr » Wed Sep 15, 2021 1:40 p


"Oil Surged Higher Wednesday"

by Bloomberg | Sheela Tobben

Wednesday, September 15, 2021

Oil jumped to the highest in six weeks amid signs of a rapidly tightening market after a U.S. government report showed a bigger-than-expected decline in crude stockpiles.

Futures in New York surged 3.1% on Wednesday and global benchmark Brent closed above $75 a barrel for the first time since July.

U.S. crude supplies hit the lowest since September 2019 after falling by more than 6 million barrels, exceeding projections.

The data follow the International Energy Agency’s warning that recent supply lost from storms in the U.S. Gulf have offset what OPEC and its allies have added, and the world will have to wait until October for more barrels.

“There’s not a lot of new crude supply coming to the market, so the market feels awfully tight,” said Matt Sallee, who helps manage about $8 billion at Tortoise.

“That will keep crude prices moving higher."

"Covid demand worries are taking a backseat for now.”

Prices have steadily climbed since late August and were given a further boost when Hurricane Ida shut down a chunk of U.S. Gulf Coast offshore oil production.

Meanwhile, the latest analysis from the Organization of Petroleum Exporting Countries shows a looming supply crunch in the summer of 2022.

OPEC’s analysts now see global oil demand increasing by 4.15 million barrels a day in 2022, compared to the level expected for this year, an upward revision of 860,000 barrels a day from what they forecast a month ago.


West Texas Intermediate for October delivery advanced $2.15 to settle at $72.61 a barrel in New York.

Brent for November settlement rose $1.86 to end the session at $75.46 a barrel on the ICE Futures Europe exchange.

U.S. supply restraints have caused Brent and WTI benchmark crude’s so called timespreads to strengthen.

WTI crude for December delivery settled at $6.23 a barrel higher than that for supply in the same month next year.

That’s the biggest premium in more than a month.

The Energy Information Administration report also showed that national gasoline and distillate inventories each declined by nearly 2 million barrels.

A sharper drop would have likely occurred had petroleum consumption not been affected by recent U.S. Gulf Coast storms.

Additionally, offshore natural gas production has been slow to recover since the recent storms, causing prices to rally.

That might prompt power companies to use petroleum products such as fuel oil to run as feedstock in their plants, according to Sallee.

“That will buoy crude prices even higher,” he said.

(With assistance from Saket Sundria and Alex Longley.) ... 3-article/

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