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Bull Run Continues As Traders See Tight Supply In 2022

U.S. West Texas Intermediate crude oil futures are edging higher early Friday, picking up where they left off the previous session. On Thursday, oil prices rose 1% after top oil producer Saudi Arabia rejected calls for additional OPEC+ supply and the International Energy Agency said surging natural gas prices could boost demand for oil among power generators. A government report predicting a slide in U.S. output is also helping to underpin prices.

The price action suggests traders are downplaying an unexpectedly large increase in U.S. crude inventories as refiners cut production in a generally slower period for those facilities, according to a weekly government inventories report.

US 2021 Crude Output Seen Falling More than Previously Forecast – EIA

U.S. crude oil output is going to fall more than expected previously in 2021 and bounce back in 2022, according to a monthly government report released on Wednesday.

Crude output will drop 260,000 barrels per day to 11.02 million bpd this year, and then rebound to 11.73 million bpd in 2022, the U.S. Energy Information Administration said. In its previous forecast, the statistical arm of the Department of Energy had forecast a 200,000 bpd drop in 2021.

The agency cut its output forecast for the third and fourth quarters of 2021 to arrive at the lower number for the year.

Saudi Energy Minister Dismisses Calls for Extra OPEC+ Barrels

OPEC leader Saudi Arabia dismissed calls for speedier…





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