Crude Oil is pinned into the high end to wrap up the trading week.
WTI holding above $80.00 per barrel.
Barrel traders pinning hopes on supply constraints looking forward.
West Texas Intermediate (WTI) US Crude Oil was pinned north of $80.00 per barrel on Friday as energy markets continued to price in expectations of a widening gap between global Crude Oil output and a forecast uptick in global Crude Oil demand through the rest of 2024 and into 2025.
The International Energy Agency (IEA) recently adjusted its forecasts, calling for a global Crude Oil deficit assuming the Organization of the Petroleum Exporting Countries (OPEC) maintains its current voluntary production caps. OPEC will meet next on June 1 to discuss output levels for the second half of 2024, and investors are broadly anticipating the Crude Oil cartel to continue squeezing quotas as tight as possible as Saudi Arabia pushes to keep barrel prices bolstered.
Declines in US Crude Oil supplies sparked a bullish lean in energy markets this week after the American Petroleum Institute (API) and the Energy Information Administration (EIA) both printed deeper drawdowns in Crude Oil stocks than expected after capacity demand at US refineries ticked up.
Edited 19 Mar 2024, 20:35
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