Oil extends recovery to cap volatile week
Oil prices rise in Asian trading
Brent set to rise 1.7% week-over-week, WTI set to gain over 2%
Supply disruptions from Hurricane Francine support prices
Demand jitters pushed benchmarks to multi-year lows this week
Updates with analyst quotes and details throughout; updates prices as of 0322 GMT
By Shariq Khan and Trixie Yap
Sept 13 (Reuters) -Oil prices rose on Friday, extending a rally sparked by output disruptions in the U.S. Gulf of Mexico, where Hurricane Francine forced producers to evacuate platforms before it hit the coast of Louisiana.
Brent crude futures LCOc1 rose by 34 cents, or 0.5%, to $72.31 per barrel by 0322 GMT. U.S. West Texas Intermediate crude futures CLc1 rose by 39 cents, or 0.6%, to $69.36 a barrel.
If those gains hold, both benchmarks will break a streak of weekly declines, despite a rough start that saw Brent crude dip below $70 a barrel on Tuesday for the first time since late 2021. At current levels, Brent is set for a weekly increase of about 1.7%, and WTI is set to gain over 2%.
"A previous dip to an almost three-year low called for some near-term breather to end the week, as market participants price (in) for the disruptions to short-term oil supplies caused by Hurricane Francine," said IG market strategist Yeap Jun Rong in an email.
Oil producers assessed damage and conducted safety checks on Thursday as they prepared to resume operations in the U.S. Gulf of Mexico, as estimates emerged of the loss of supply from Francine.
UBS analysts forecast output in the region in September will fall by 50,000 barrels-per-day (bpd) month-over-month, while FGE analysts estimated a 60,000 bpd drop to 1.69 million bpd.
Official data showed nearly 42% of the region's oil output was shut-in as of Thursday.
"But if production delays were to prove to be short-lived and damages to oil platforms were to be minimal, those gains may be unwound, as the broader demand outlook continues to serve as a key headwind to limit any sustained recovery," Yeap said.
Demand expectations remained dismal as both the Organization of Petroleum Exporting Countries and the International Energy Agency this week lowered their demand growth forecasts, citing economic struggles in China, the world's largest oil importer.
"The recent run of weaker Chinese economic data suggests that oil demand in the world's second largest economy may remain subdued for longer, while demand has been soft in other countries outside of China as well," said IG's Yeap.
China's crude oil imports averaged 3.1% lower this year from January through August compared to the same period last year, customs data showed on Tuesday.
"Flagging domestic oil demand in China has become a hot topic and was further underlined by disappointing August trade data," FGE analysts said in a note to clients.
Demand concerns have grown in the United States as well. U.S. gasoline and distillate futures traded at multi-year lows this week, as analysts highlighted weaker-than-expected demand in the top petroleum consuming country.
U.S. oil and fuel stocks rose last week as demand declined sharply, data from the U.S. Energy Information Administration showed on Wednesday.
Reporting by Shariq Khan in New York and Trixie Yap in Singapore; Editing by Christian Schmollinger and Sonali Paul
Actifs liés
Dernières actualités
Avertissement : Les entités de XM Group proposent à notre plateforme de trading en ligne un service d'exécution uniquement, autorisant une personne à consulter et/ou à utiliser le contenu disponible sur ou via le site internet, qui n'a pas pour but de modifier ou d'élargir cette situation. De tels accès et utilisation sont toujours soumis aux : (i) Conditions générales ; (ii) Avertissements sur les risques et (iii) Avertissement complet. Un tel contenu n'est par conséquent fourni que pour information générale. En particulier, sachez que les contenus de notre plateforme de trading en ligne ne sont ni une sollicitation ni une offre de participation à toute transaction sur les marchés financiers. Le trading sur les marchés financiers implique un niveau significatif de risques pour votre capital.
Tout le matériel publié dans notre Centre de trading en ligne est destiné à des fins de formation / d'information uniquement et ne contient pas – et ne doit pas être considéré comme contenant – des conseils et recommandations en matière de finance, de fiscalité des investissements ou de trading, ou un enregistrement de nos prix de trading ou une offre, une sollicitation, une transaction à propos de tout instrument financier ou bien des promotions financières non sollicitées à votre égard.
Tout contenu tiers, de même que le contenu préparé par XM, tels que les opinions, actualités, études, analyses, prix, autres informations ou liens vers des sites tiers contenus sur ce site internet sont fournis "tels quels", comme commentaires généraux sur le marché et ne constituent pas des conseils en investissement. Dans la mesure où tout contenu est considéré comme de la recherche en investissement, vous devez noter et accepter que le contenu n'a pas été conçu ni préparé conformément aux exigences légales visant à promouvoir l'indépendance de la recherche en investissement et, en tant que tel, il serait considéré comme une communication marketing selon les lois et réglementations applicables. Veuillez vous assurer que vous avez lu et compris notre Avis sur la recherche en investissement non indépendante et notre avertissement sur les risques concernant les informations susdites, qui peuvent consultés ici.
