WTI prices rally on U. S. production constraints

Oil prices rally as supply and demand conflict with West Texas Intermediate up near to 2% on the trading day.
WTI crude expects substantial buying flow according to the Commodity Trading Advisor, supporting higher prices.
WTI is currently trading at USD 75.33 and is higher by 1.85% from as low as USD 73.96 to a high of USD 75.72 on the day’s closing. Today has marked the fifth successive day of gains.
Brent, the global benchmark, touched its highest since October 2018 and is heading for USD 80 while traders noted the tighter supply conditions and the anticipation of rising demand in many areas around the world.
OPEC+ has encountered difficulty raising output as underinvestment or maintenance delays persist as a result of the pandemic.
Global demand is seen rising to 100 million barrels per day by the end of 2021 or in the first quarter of 2022. The world consumed 99.7 million barrel per day in 2019, according to the IEA, before the COVID-19 pandemic hammered economic activities and fuel demand.’
US production still constrained
The U. S. production is still constrained by the aftermath of Hurricane Ida, ultimately leading to an inventories drain all over the globe and there is still potential for further upside demand as air travel still remains significantly limited.
With the global vaccination campaigns still gathering momentum, and governments more and more putting in place systems to promote travel, airplane fuel demand is expected to grow.