Mid-Week Review – June 30, 2021

Gas stations are running out of gas ahead of the holiday weekend

When tens of millions of Americans hit the road this holiday weekend, they’re going to find the highest prices for gasoline in nearly seven years. But many will also find stations that don’t have any gas at all. The national average price for a gallon of regular stands at $3.10, the highest since October 2014. The average is up just 2% since Memorial Day, but 42% from a year ago, when pandemic restrictions brought demand to a near halt and sent oil and gas prices plunging. Click Here to read more from CNN.

Oil steady as U.S. stockpiles fall, OPEC warns of possible 2022 glut
Oil prices were broadly steady on Wednesday, heading for monthly and quarterly gains, after some data suggested U.S. crude stockpiles were shrinking while an OPEC report warned of a possibly significant glut building by the end of next year. Brent crude was up 6 cents, or 0.08% at $74.82 a barrel by 0902 GMT. U.S. crude was up 30 cents, or 0.4% at $73.28 a barrel. Both contracts are just below highs last reached in 2018 and are set to record their seventh monthly gain in the past eight months. Click Here to read more from CNBC.

Oil steadies as OPEC fuels demand hopes amid new COVID-19 worries

Oil prices steadied on Tuesday as broad hopes for a demand recovery persisted, fueled by comments from OPEC’s secretary general, slightly overshadowing travel curbs due to new outbreaks of the highly contagious Delta variant of the coronavirus. Brent crude futures settled up 8 cents, or 0.1%, at$74.76 a barrel, having slumped by 2% on Monday. Click Here to read more from Reuters.

Bank of America projects 2022 oil prices near $100 on growing travel demand

Oil may surge to $100 a barrel next year as travel demand rebounds, Bank of America Corp. said, the strongest call yet among major forecasters for a return to triple digits. Global oil consumption will continue to outstrip supply in 2022 as the economic recovery from the pandemic boosts fuel consumption, while investment in new production is crimped by environmental concerns, the bank said in a report. Click Here to read more from World Oil.

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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