Oil steadied near US$90 a barrel in New York as tight global fuel supplies lure hedge funds back to the market.
Speculators have boosted their bullish positions on WTI to the highest since February 2022, while a rally among key gauges on the nearest part of the futures curve points to supply scarcity. Some cargoes in physical markets continue to command hefty premiums.
Russia last week announced a temporary ban on diesel and gasoline exports, lifting fuel prices. In addition, U.S. crude stockpiles fell again last week and stocks at the storage hub of Cushing, Oklahoma are very low. China is gearing up for the Golden Week holiday from Friday, with the longer-than-usual break set to boost demand for jet fuel in the biggest oil importer. More than 21 million people are expected to fly during the eight days, following record air-passenger traffic in July and August.
Oil has added about 25 per cent since end-June, heading for the biggest quarterly gain since March 2022 amid supply curbs by OPEC+ leaders Saudi Arabia and Russia, and brighter economic outlooks in the U.S. and China. The surge has rekindled talk of the possibility of $100-a-barrel crude, posing increasing price pressure for importers.
“We have long been advocating for a tight oil-market balance,” said Arne Lohmann Rasmussen, head of research at A/S Global Risk Management. “Given the fundamental picture, we believe the probability of a significant new setback in prices has decreased. Hence, we believe that the current level is a buying opportunity.”West Texas Intermediate for November delivery was little changed at $90.09 a barrel at 7:41 a.m. in New York.
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