Forex trading. WTI Oil forecast for today, September 28, 2021
The autumn price rally continues on the oil market. A barrel of WTI oil has already reached the price value of $75.25 per barrel.
Traders continue to positively assess the key factors of the oil market, including the prospects for demand, supply and forecasts of economic recovery. The current global supply-demand balance deficit is larger than previously expected. The risks of winter demand are now obviously shifted upwards. Expectations of economic recovery are also positively reflected in the prospects for demand, which is favorable for oil. At the same time, commercial stocks of raw materials in the United States are at a three-year low.
According to the latest data from the Energy Information Administration of the US Department of Energy, daily production is 10.6 million barrels compared to 11.5 million before the hurricane. In such conditions, the market notes a noticeable shortage of raw materials, which is compensated by existing oil reserves. According to the estimates of the Ministry of Energy, in the third quarter, the global deficit may amount to about one and a half million barrels per day. In the winter months, the shortage of oil may grow even stronger against the background of the transition to it of some gas consumers, the cost of which has almost tripled since the beginning of summer and is near historical highs. Additional demand this winter may amount to 500,000 barrels per day, which will ensure that the deficit of about 2 million barrels per day for the fourth quarter will remain.
The forecast assumes a rollback of WTI oil to the levels of 75, 74.8 and 74.5 dollars per barrel.