Oil rose to briefly top $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes gave riskier assets a boost. About three quarters of the U.S. Gulf's offshore oil production, or about 1.4 million barrels per day, has remained halted since late August.
Oil prices dipped on Friday, heading for weekly losses of nearly 2%, after China announced it would release oil from it strategic reserve and some U.S. airlines, key to a recovery in jet fuel demand, warned of a slowdown in ticket sales https://www.reuters.com/business/aerospace-defense/united-airlines-warns-delta-variant-hit-revenue-capacity-2021-09-09.
Front Month ICE Brent Crude for Nov. delivery lost $1.15 per barrel, or 1.58% to $71.45 today. --Largest one day dollar and percentage decline since Wednesday, Sept. 1, 2021. --Down six of the past eight sessions.
Front Month Nymex Crude for Oct. delivery lost $1.16 per barrel, or 1.67% to $68.14 today. --Largest one day dollar and percentage decline since Friday, Aug. 20, 2021. --Down three of the past four sessions.
Front Month Nymex Natural Gas for Oct. delivery gained 11.70 cents per million British thermal units, or 2.38% to$ 5.0310 per million British thermal units today. --Up for two consecutive sessions. --Up 46.30 cents or 10.14% over the last two sessions.
U.S. inventories of crude oil and refined fuels declined across-the-board last week, according to data released Thursday by the Energy Information Administration. Benchmark U.S. oil prices that were slightly higher before the report came out remained so afterward. The Nymex front- month crude contract for October delivery was recently up 0.4% at $69.55 a barrel.
Oil prices fell to a two-week low on Thursday as China rolled out a plan to release state oil reserves, the U.S. weekly crude draw was smaller than expected and U.S. Treasuries rallied as investors sought safer assets. In volatile trade, Brent futures fell $1.15, or 1.6%, to settle at $71.45 a barrel.
Front Month ICE Brent Crude for Nov. delivery gained 91 cents per barrel, or 1.27% to $72.60 today. --Largest one day dollar and percentage gain since Thursday, Sept. 2, 2021. --Snaps a three session losing streak.
Front Month Nymex Crude for Oct. delivery gained 95 cents per barrel, or 1.39% to $69.30 today. --Snaps a two session losing streak. --Up eight of the past 12 sessions.
Front Month Nymex Natural Gas for Oct. delivery gained 34.60 cents per million British thermal units, or 7.57% to$ 4.9140 per million British thermal units today. --Largest one day dollar gain since Monday, Jan. 14, 2019, when it gained 49.20 cents. --Largest one day percentage gain since Monday, Feb. 1, 2021, when it gained 11.21%.
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