Forex trading. WTI Oil forecast for today, September 30, 2021
The price of WTI oil reached the level of $74.65 per barrel.
Commercial oil reserves in the United States, excluding the strategic reserve, increased by 4.6 million barrels last week, or 1.1%. Analysts, on the contrary, expected a decrease of 1.7 million barrels. The increase in stocks was recorded for the first time in eight weeks. According to the results of the previous week, the indicator reached a minimum since October 5, 2018.
Meanwhile, OPEC raised its estimate of the oil shortage in 2021 to 1.1 million barrels per day from the previously expected 900,000 barrels. In addition, OPEC expects that in 2022 there will be a surplus of supply in the oil market, which will exceed demand by 1.4 million barrels per day. Last month, OPEC predicted an indicator of 1.6 million barrels per day. According to the report, the alliance also expects that the supply on the oil market in October will be 1.2 million barrels per day lower than demand, and in November by 900,000 barrels.
The next OPEC+ meeting is scheduled for October 4. Since August 2021, the alliance has been increasing production by 400,000 barrels per day monthly, hoping to gradually withdraw from its obligations by the end of September 2022. It is possible that the latest rise in oil prices will force OPEC to adjust its plans.
The forecast expects a decline in the price of WTI oil to the levels of 74.4, 74.2 and 74 dollars per barrel.