World oil prices rose on the morning of August 5, but the increase did not offset the previous day’s decline, after an unexpected increase in crude oil inventories in the US, the world’s top oil consumer. .
Brent crude oil futures rose 14 cents, or 0.2%, to $70.52 a barrel, while U.S. crude (WTI) rose 18 cents, or 0.3%, to $68.33 a barrel. bin. Both oils fell more than $2 a barrel on Wednesday.
The surge in COVID-19 cases in China, the world’s second-largest oil consumer, has caused restrictions in some cities and flight cancellations, analysts say. affect fuel demand.
Prices also fell sharply in the previous session after the US Energy Information Administration (EIA) said crude oil inventories rose unexpectedly by 3.6 million barrels last week.
“The drop in gasoline inventories in the US to the lowest level since November 2020 suggests that fuel demand in the US remains fairly stable,” analysts from Commonwealth Bank of Australia said in a note on Thursday. “.
The bank expects Brent oil prices to rise to $85 per barrel in the fourth quarter as oil demand outstrips supply growth.
Liquefied natural gas prices in the US increased more than 3%
U.S. liquefied natural gas (LNG) prices rose more than 3% to a 31-month high on Wednesday, driven by forecasts of hotter weather for the next two weeks than previously expected and prices Global LNG surged, prompting US liquefied natural gas (LNG) exports to increase to near record highs.
“Hotter (weather) forecasts have been a lot more supportive over the next 6 to 10 days … and we see exports picking up a lot,” said MarshallLESves, energy markets analyst at IHS Markit. know.
Monthly LNG futures rose 13.1 US cents, or 3.3%, to $4,158/mmBtu, the highest close since December 2018.
Data provider Refinitiv said that gas production in the 48 US states has held at 91.6 billion cubic feet per day (bcfd) so far in August, the same as in July. That figure compares to a high. The all-time high was 95.4 bcfd in November 2019.
Refinitiv forecasts average gas demand, including exports, to increase from 90.9 bcfd this week to 94.5 bcfd next week as generators burn more fuel to meet demand. Air conditioning use is increasing.
Gas arrivals at U.S. LNG export plants fell from an average of 10.8 bcfd in July to 10.4 bcfd so far in August due mostly to a drop at Cameron LNG in Louisiana. That compares with a record 11.5 bcfd in April.
Source: VITIC/Reuters
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