The Energy Bulletin Weekly – 19 July 2021

Prices declined the most last week since March as a resurgence of Covid-19 threatened the outlook for near-term global fuel consumption. Futures in New York settled at $71.81, 3.7% lower for the week. Brent ended the week at $73.59, down about 2.6% for the week. Despite the pullback, crude has surged nearly 13% over the last three months as a global vaccine rollout helps restore economic activity. Moreover, forecasters ranging from the International Energy Agency to Citigroup predict that the market will get tighter in the coming months.

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The Energy Bulletin Weekly – 12 July 2021

Prices fell last week for the first time since May after days of volatile trading in the wake of OPEC+’s stalemate over a production increase. Futures in New York declined 0.8%, although the US crude benchmark closed higher on Friday amid a broader market rebound. Prices whipsawed during the week amid ambiguity over the future of the OPEC+ alliance and swings in the US dollar. However, Brent prices remained about $3 a barrel below Monday’s close, as traders remained worried that global crude supplies might swell following the collapse of OPEC+ negotiations.

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The Energy Bulletin Weekly – 7 July 2021

Futures posted their sixth straight weekly gain, the longest winning streak since December, as the standoff between OPEC+ ministers over output dragged on. New York prices rose 1.7% last week, closing at $75.16, with London closing at $76.17. Most members of the OPEC alliance backed a proposal to increase supply and extend the deal into later next year, but the United Arab Emirates remains opposed.

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