Oil remained near the highest level in Asia trading since 2014 as investors assessed the energy crunch roiling global markets.
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The futures market in New York surpassed $82 a barrel after rising 2.5% over the past three sessions. Russia is opting against sending more natural gas to Europe, while OPEC is failing to pump enough crude to meet its production target, exacerbating the supply crunch in energy markets. Nonetheless, one technical indicator is signaling that crude is overbought and deferred to correction.
It looks like the oil market is in a state of flux and trying to reconcile speculation with reality, said Howie Lee, an economist at Oversea-Chinese Banking Corp. in Singapore. The stocks of oil are tight, but they are not at a level to expect $100 oil, he added.
Crude has rallied in the past eight weeks as the energy crisis - triggered by natural gas and coal shortages - coincided with a rebound in demand from key economies emerging from the pandemic. The crunch is making winners out of oil refiners in Asia following the rush to secure alternative fuel supplies, lifting industry margins in a revival that ll stretch into next year.
Gazprom PJSC s gas exports to its main markets fell for the first two weeks of October to the lowest since at least 2014 for the time of year, as domestic demand absorbed most output gains. Auctions for pipeline capacity next month gave no indication that Russia is planning to increase shipments to Europe, even after President Vladimir Putin said he was ready to boost supplies.
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OPEC cut its production 15% deeper than planned in September, compared to 16% in August and 9% in July, according to delegates with knowledge of the matter. This reflects the inability of some members - including Nigeria, Angola and Azerbaijan - to raise output to agreed volumes due to lack of investment, exploration and other issues.
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