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Tom Kloza, global head of energy analysis at OPIS, warns that the prices of heating oil and diesel could increase “incredibly” with current demand.
Global crude prices hit multi-year highs on Monday after OPEC held firm to keep production at current levels.
NYMEX crude closed up 2.29% at $ 77.62 per barrel, the highest level since November 2014.
HAMMERED TECHNOLOGY STOCKS LIKE THE NASDAQ DOWN 2.1%
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| USE | UNITED STATES PETROLEUM FUND LP | 54.49 | +1.23 | + 2.31% |
Brent crude, the global benchmark, jumped 2.50% to $ 81.26 – the highest since October 2018.
Gas prices continue to climb, with the latest average reaching $ 3.20 per gallon, according to the AAA.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| BNO | UNITED STS BRENT OIL FD LP UNIT | 21.43 | +0.54 | + 2.58% |
In a statement, the participating OPEC and non-OPEC countries “reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC ministerial meeting and the decision to adjust the overall monthly production upwards by 0.4 mb / d for the month of November 2021, according to the attached schedule. ”
Edward Moya, senior market analyst for the Americas, warned that prices could rise further.
“OPEC + is slowly becoming the villain of the global economic recovery. Higher oil prices are coming and energy traders could easily see $ 90 worth of oil on any surprise production disruption, a colder fall or the triggered pent-up travel demand if COVID cases continue to decline, ”he said in a research note.
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Recently, Goldman Sachs told clients that oil could hit the $ 90 a barrel level.
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