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See Full Stock Page » Oil advanced to a new one-year high as the market looks ahead toward an accelerating decline in global inventories and a comeback in demand. Futures in New York were up as much as 2.8 per cent Wednesday, rising to the highest intraday since January 2020. Energy Information Administration data showed crude output fell to 9.7 million barrels a day last week amid an unprecedented polar blast, tying for the low reached last summer when Hurricane Laura sent production plummeting. Globally, supplies are declining with stockpiles at a major European storage hub falling to their lowest level since September. Key players in the oil market have been talking up the rising prices in the coming months, with some even floating the prospect of US$100 crude in the next year or two as the global economy recovers from the pandemic. “All indications are that we’re going to see better demand,” said Rob Thummel, a portfolio manager at Tortoise, a firm that manages roughly US$8 billion in energy-related assets. “Inventories are going to continue to fall, both in the U.S. and globally. Big picture, that’s going to be positive for prices moving higher.” The report also showed […]
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