Oil and gas prices hit record levels

  Brent contracts jumped to a three-year high (AFP)

I jumped oil prices And gas to set new records on Tuesday, as US crude recorded its highest level since 2014, while... Brent contracts To its highest level in three years after holding an alliance OPEC+ to major producers with a planned production increase rather than pumping more crude.
On Monday, OPEC + agreed to abide by its July agreement to increase production by 400,000 barrels per day per month until April 2022, to gradually end existing production cuts of 5.8 million barrels per day.
US West Texas Intermediate crude contracts ended the trading session up $1.31, or 1.7 percent, to record at $78.93 a barrel. During the session, US crude jumped more than two percent to $79.48, its highest level in nearly seven years.

The international benchmark Brent crude contracts rose $1.30, or 1.6 percent, to settle at $82.56 a barrel. During the session, Brent recorded a three-year high of $83.13.
The two benchmark crudes extended their gains from Monday’s session, when each of them jumped more than two percent.
Phil Flynn, an analyst at Price “Futures Group” in Chicago, said, “The market recognizes that we will see a shortage of supply in the next two months and OPEC seems happy with that.”
Oil prices have already jumped more than 50 percent this year, adding to inflationary pressures that oil-consuming countries, such as the United States and India, fear will disrupt the recovery from the Covid-19 pandemic.
The OPEC+ Joint Technical Committee said last month that it expected a deficit of 1.1 million barrels per day of crude supply this year, which could turn into a surplus of 1.4 million barrels per day next year.
gas rise
In the context, US natural gas futures rose more than 9 percent on Tuesday to a 12-year high, while record global prices kept demand for US liquefied natural gas exports strong.
Gas futures prices in Europe jumped by more than 21 percent for shipments for November delivery and 23 percent for shipments for December, setting new records, on fears that a few European countries will not have enough stocks for the upcoming winter heating season.

Prices in Asia are also trading near record highs, while China and other major buyers of liquefied natural gas are vying for available shipments to meet rising demand for this type of fuel.
Traders indicated that gas prices in the United States are rising despite expectations that weather conditions in the country will remain more moderate than normal levels for this time of year until late October.
US contracts for gas for delivery next month rose 53.7 cents, or 9.3 percent, to settle at $6.312 per million British thermal units, the highest level since December 2008.
(Reuters, The New Arab)

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