U.S. oil headed for eighth weekly gain as energy crunch tights

- Oil headed for an eighth weekly gain, the longest such run since 2015, as a global energy crunch tightened the crude market.

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None What the front-line of the U.S. futures in New York was over $82 a barrel, while Brent had shot to topping $85 for the first time since 2018? The Energy squeeze triggered an unusually large draw in oil reserves at this time of the year at Cushing Storage Hub, government data show. Shortages of natural gas in Europe and Asia are boosting demand for oil products, the International Energy Agency said.

Crude has rallied to the highest since 2014 as the energy crunch coincided with rebounding demand as major economies open up after the pandemic. Saudi Arabia's energy minister reiterated the need for OPEC and its allies to take a gradual, phased approach to replenishing supply hikes even as banks including Citigroup Inc. raised their prices forecasts due to fuel switching.

The state Department is engaged with OPEC members on energy supply and expresses our concerns in private industry, state department spokesman Ned Price said on Thursday. U.S. natural gas prices have more than doubled in this year, with the peak winter demand still weeks away.

Right now there is a bit of exuberance, said Howie Lee, an economist at Oversea-Chinese Banking Corp. If price increases toward $90, there may be some refractive action on part of OPEC with more output. Crude stocks in Cushing, Oklahoma, fell by almost 2 million barrels this week, according to the Energy Information Administration. Inventories typically rise at this time of the year as refineries conduct maintenance activities after summer driving season peak. Nationwide supplies, meanwhile, increased by more than 6 million barrels, a third weekly increase.

See also: La Nina Arrives, Threatening to the Stoke Droughts and Roil Markets.

The record natural gas prices could add about 500,000 barrels of oil per day for the next six months, according to a monthly market report by the IEA on Thursday. The agency raised its estimate of demand growth this year to 5.5 million barrels a day to 300,000 barrels a day.

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