The 'Brent' remains less than 2% of maximum of the year

15/09/2021 – 19:40

The price of oil is preparing to hit the highs for the year, spurred by a shortage of barrels that this week has led to a new fall of inventories in the United States.

Hurricane Ida has been deteriorating oil production and gas shipments in the North American giant for several days, while a large part of the oil facilities in the Gulf of Mexico have been forced to paralyze their activity until the storm subsides.

Yesterday the barrel Brent it rose more than 3.4% during the day, to exceed $ 76. However, it subsequently stabilized at $ 75.5, so it is already separated by less than 2% up to the maximum of the year, the 77.16 dollars that were reached last July.

Inventory drop

This is the sixth consecutive week in which the amount of oil stored in the United States has been reduced, and the amount stored by tanks in the country is the lowest it has seen since September 2019. The fall of last week It was much higher than what analysts have been estimating, who expected a cut of 2.73 million barrels, when it has finally been more than 6.4 million.

Now the market will have to wait for production in the North American giant to be reactivated, or for the next increase in supply by the Organization of Petroleum Exporting Countries (OPEC) and its allies, which are immersed in a process reactivation of production and each month they put more than 400,000 barrels of new production on the market.

Craig Erlam, a market analyst at the analysis house Oanda, explains how “with a couple of months to go before the hurricane season ends, prices can continue to have support,” he says. “With the Brent approaching their summer highs, we could see a profit taking soon, although there are still not many indications that this happens, “adds the analyst.

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