Oil Prices Surge To Three-Year Highs After Hurricanes And Unexpected Demand—How Much Higher Can They Go?

Driven higher by unexpectedly high demand and catastrophic hurricanes halting production, oil prices rose for a fifth-straight day on Monday, hitting their highest levels in three years as analysts point out cold winter weather and a busy pandemic travel season should only boost prices further.The price of U.K. oil benchmark Brent Crude and U.S. West Texas Intermediate jumped about 2% apiece Monday morning to $79.56 and $75.

The analysts said global oil demand has recovered from the delta variant-spurred spread of Covid-19 more quickly than they anticipated this year, creating a “larger than expected” gap between oil supply and demand. Additionally, forecasts calling for a colder-than-usual winter in the northern hemisphere could mean added demand for heating oil, Goldman noted, upping its year-end forecast for Brent Crude prices from $80 to $90—suggesting prices could rise another 12% in the next three months.

In a morning note, Oanda analyst Edward Moya agreed oil prices are “on a one-way street headed higher,” adding that U.S. WTI prices could also hit $80 before year’s end as a steady decline in Covid-19 cases ushers in a stronger-than-expected holiday travel season.That’s how much the price of WTI oil has surged this year alone, while the price of Brent Crude has climbed about 50%.

Maybe the local supply is considerably less than it used to be? Supply goes down—price goes up. Is it that simple? OPEC doesn’t mind having high prices.

Unexpected reman? Gtfo Forbes. When u cut ur own resource and rely on Middle East this is what happens

How about nuclear engines and RIP all oil companies for good 😜

They always blame higher prices on the hurricanes.

The expectations is it double under the biden administration from what it was under the trump administration.

The world book encyclopedia pointed out back in the 60s that bio fuels would be economical once oil reached $40- a barrel, now double that & they still tell use bio fuel to expensive, when it's proven we could have bio-Hemp fuel for $0.98 a gallon, but med monopoly fraud science

1 day the price will become untenable

Ask biden he has all the answers

Depends how quickly we can take dormant rig count up to productive rig count. A coupla months prolly.

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