* Brent, WTI both on track for over 1% weekly gains. * Vaccines likely to mitigate Delta's impact on demand -analysts. By Sonali Paul and Koustav Samanta. Oil prices fell on Friday but remained on track to post steep weekly gains with demand growing faster than supply, while vaccinations are expected to alleviate the impact of a resurgence in COVID-19 infections across the globe.
Front Month ICE Brent Crude for Sept. delivery gained $1.31 per barrel, or 1.75% to $76.05 today. --Largest one day dollar and percentage gain since Thursday, July 22, 2021. --Up for two consecutive sessions.
Front Month Nymex Crude for Sept. delivery gained $1.23 per barrel, or 1.70% to $73.62 today. --Largest one day dollar and percentage gain since Thursday, July 22, 2021. --Up for two consecutive sessions.
Front Month Nymex Natural Gas for Sept. delivery gained 9.20 cents per million British thermal units, or 2.32% to $4.0590 per million British thermal units today. --Largest one day dollar and percentage gain since Tuesday, July 20, 2021. --Up for two consecutive sessions.
Magellan Midstream Partners LP (MMP) on Thursday reported a drop in second quarter crude transportation and terminals revenue, hit by lower fees for its services and a decline in storage demand. U.S. oil production has not recovered to its peaks even though prices have surged above $70 a barrel as producers focus on boosting shareholder returns and maintaining capital discipline.
Europe's top energy companies signalled confidence in a lasting recovery from the pandemic impact by drawing on higher oil prices to boost shareholder returns and reassure investors as they roll out risky climate strategies.
* U.S. Fed says economic recovery remains on track. * Iran blames U.S. for pause in nuclear talks. By Jessica Resnick-Ault. Oil prices rose on Thursday, notching further gains that pushed Brent past $75 a barrel the day after the U.S. government reported that crude stockpiles in the world's top oil consumer, fell to their lowest since January 2020.
* EIA reports 4.1 million barrel U.S. crude inventories drop. * Fed says economic recovery remains on track. * COVID still devastating in the Americas, health agency says. By Jessica Jaganathan.
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