Oil / Commodities - Oil is on track to a third weekly gain as the market tightened due to supply constraints across OPEC+ members following civil unrest. Futures in NY traded back up to $80 a barrel after climbing almost 6% over the past four sessions. Kazakhstan’s biggest oil producer has altered output at the Tengiz field following protests in the country, while Libyan supply has also crimped. The OPEC+ is unlikely to meet their threshold of adding 400,000 barrels a day starting February. A deep freeze in Canada and the Northern U.S. has also disrupted oil flows this week. That is coincided with shrinking American crude inventories, which have declined every week since November.
Newsletter - January 7, 2022
Newsletter - January 7, 2022
Newsletter - January 7, 2022
Oil / Commodities - Oil is on track to a third weekly gain as the market tightened due to supply constraints across OPEC+ members following civil unrest. Futures in NY traded back up to $80 a barrel after climbing almost 6% over the past four sessions. Kazakhstan’s biggest oil producer has altered output at the Tengiz field following protests in the country, while Libyan supply has also crimped. The OPEC+ is unlikely to meet their threshold of adding 400,000 barrels a day starting February. A deep freeze in Canada and the Northern U.S. has also disrupted oil flows this week. That is coincided with shrinking American crude inventories, which have declined every week since November.