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The energy sector is off to a higher start, supported by strength in the underlying commodities and the broader markets. The major market futures have regained ground and are pointing to a higher start as comments from the Federal Reserve hinted a “soft landing” can be achieved and a recession may be avoided.
WTI and Brent crude oil futures have recovered earlier losses and are trading up as OPEC+ is set for a small output increase, despite a call from U.S. President Joe Biden for a meaningful supply boost. Ministers for members of OPEC+ announced they are set to agree on a small output increase of 1000,000 barrels per day. Kazakhstan’s Energy Minister Akchulakov said the group may have to raise production to avoid the market from overheating. Ahead of the meeting, OPEC+ trimmed its forecast for the oil market surplus this year by 200,000 BPD to 800,000 BPD. Data released from the API which showed U.S. crude stocks rose by 2.2mln barrels last week has also provided support to oil futures.
Natural gas futures rose this morning on forecasts for more demand in the next two weeks than previously expected.
Benchmark U.S. crude oil for September delivery rose 53 cents to $94.42 a barrel Tuesday. Brent crude for October delivery rose 51 cents to $100.54 a barrel.
Wholesale gasoline for September delivery rose 6 cents to $3.06 a gallon. September heating oil fell 6 cents to $3.38 a gallon. September natural gas fell 57 cents to $7.71 per 1,000 cubic feet.
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