The price of WTI oil rose to the level of 69.15 dollars per barrel. Raw materials are getting more expensive again on expectations of a decrease in stocks and due to production disruptions in the Gulf of Mexico. Traders focused on the speed of recovery of oil production in the United States after Hurricane Ida in the Gulf of Mexico. This hurricane in late August hit the southern state of Louisiana, crossed the country, caused heavy rainfall and flooding on the east coast of the United States, and led to disruptions in the supply of raw materials. Five days after the storm, more than 90% of production was still stopped, which means that the market is still short of about 1.7 million barrels of crude oil per day. Global oil demand in August amounted to 98.4 million barrels per day, which is 5.7 million barrels higher than in August 2020, according to the monthly forecast of the US Energy Information Administration. At the same time, global oil demand, according to the Ministry of Energy, in July amounted to 98.8 million barrels per day, that is, 400,000 barrels per day higher than in August. The Ministry of Energy has increased the forecast of oil production for the current year to 11.12 million barrels per day. The management attributes the increase in production in 2022 to an increase in the number of drilling rigs due to the fact that operators will compensate for the previous drop in production. Today, the US Department of Energy will publish data on oil reserves in the country. Analysts expect that over the past week, the indicator fell by 3.8 million barrels.
The forecast expects an increase in the price of WTI oil to the levels of 69.3, 69.5 and 70 dollars per barrel.