Mid-Week Review – November 3, 2021

Oil down after API data shows U.S. inventory build-up

Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply. Brent crude futures were down $2.20, or 2.6%, at $82.52 a barrel at 1308 GMT. U.S. West Texas Intermediate (WTI) crude futures tumbled $2.60, or 3.10%, to $81.31 a barrel. Click Here to read more from Reuters.

The Energy Crunch Is Adding Billions To Oil Tycoons’ Net Worth

As the surge in oil prices continues amid increasing demand and a supply crunch, energy stocks have been soaring–and the world’s oil tycoons are laughing all the way to the bank.

According to the Bloomberg Billionaires Index, energy billionaires globally have seen their combined net worth jump more than 20 percent in the first half of the year alone, the highest growth in wealth of any group of billionaires in the index compiled by Bloomberg. Click Here to read more from Oil Price.

BP says global oil demand has passed 100 million barrels per day

As world leaders discuss the fight against climate change, global oil demand has bounced back above the key level of 100 million barrels a day last seen before the Covid-19 pandemic, according to BP Plc. Fossil fuel consumption is recovering despite growing urgency in the effort to curb emissions of greenhouse gases. The resurgence is pushing prices to multiyear highs and threatening the world’s economic recovery due to significant constraints in energy supplies. That’s been a boon for BP and its peers, which have just reported big jumps in profit, but has prompted calls from major consumers for the OPEC+ cartel to open the taps. Click Here to read more from World Oil.

Oil rises on demand outlook despite China fuel reserves release

Oil prices settled higher on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by No. 1 world energy consumer China. Brent crude futures settled up 99 cents, or 1.1 %, to $84.71 a barrel after hitting a session low of $83.03. Click Here to read more from Reuters.