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Oil prices rose over 1% on Thursday as cold weather across the U.S. and Europe increased demand for winter fuels. Brent crude climbed 1.29% to $77.14 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 1.15% to $74.16. This rebound follows a more than 1% drop in prices on Wednesday.
John Kilduff, partner at Again Capital, attributed the rise to growing demand for heating fuels, particularly in the U.S. Winter storm warnings covered regions from east Texas to northern Kentucky, with concerns about power outages along the Gulf Coast, according to TACenergy.
Refinery activity also played a key role. Refinery crude runs rose by 45,000 barrels per day last week, and utilization rates hit 93.3%, the highest since late 2018, according to the Energy Information Administration. Ultra-low sulfur diesel futures reached $2.39 per gallon, the highest since October.
Global oil demand is set to grow by 1.4 million barrels per day year-on-year in January, reaching 101.4 million barrels per day, according to JPMorgan analysts. This surge is driven by colder-than-usual winter conditions and increased travel in China ahead of the Lunar New Year.
Market indicators suggest tightening supply amid strong demand. The premium of front-month Brent contracts over six-month futures widened to its highest level since August, signaling concerns about declining supply.
Additionally, U.S. President Joe Biden is expected to announce new sanctions targeting Russia's economy, which could impact the global oil market. Analysts predict WTI prices will range between $67.55 and $77.95 into February as markets await further clarity on economic policies and China's fiscal measures.
This combination of factors highlights a dynamic energy market, shaped by seasonal demand, geopolitical shifts, and global economic trends.
