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Look at $83.88 on NYMEX crude oil

Oct 26, 2021 11:03

On Thursday (October 14), international oil prices rose. The reason is that with the advent of winter, high natural gas prices may prompt people to switch to oil to meet heating needs. NYMEX crude oil looks at $83.88.

At 14:15 GMT+8, NYMEX crude oil futures rose 0.85% to US$81.12/barrel; ICE Brent crude oil futures rose 0.90% to US$83.93/barrel.


Hiroyuki Kikukawa, general manager of Nissan Securities’ research department, said: “Investors are betting that with the arrival of the winter demand season, soaring natural gas prices will encourage power generators to switch to oil.”

The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report released on Wednesday that soaring natural gas prices may boost demand for petroleum products as end users switch to refined oil.

Oil prices are also supported by concerns about tight supply. Earlier, the U.S. Energy Information Administration (EIA) stated in its monthly report that the decline in U.S. crude oil production this year will exceed previous expectations, but it will rebound in 2022.

Kikukawa said: "The current tight supply in the crude oil market and the prospect of increased short-term seasonal demand support investor confidence, overwhelming the impact of higher-than-expected growth in US crude oil inventories and weak OPEC forecast demand."

According to data from the American Petroleum Institute (API), as of the week of October 8, US crude oil inventories increased by 5.213 million barrels, gasoline inventories decreased by 4.575 million barrels, and distillate inventories decreased by 2.7 million barrels. The official U.S. Energy Information Administration (EIA) weekly inventory data will be released at 23:00 GMT+8 on Thursday.

On the daily chart, U.S. oil is in an upward ((3)) wave starting from $61.74, and the upper resistance is looking at the 38.2% target of $88.66. On the hourly chart, oil prices are in an upward ((iii)) wave that started from $79.43. The upper resistance looks at the 38.2% target of $82.18 and the 61.8% target of $83.88. ((iii)) Wave is a sub-wave of five upward waves that started from $74.97.

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