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Global Oil Benchmark Brent Tops $90 on Ukraine, OPEC Narrative

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3 years ago

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Global Oil Benchmark Brent Tops on Ukraine, OPEC Narrative

The words couldn’t be more fitting for the oil bulls who hit their $90-a-barrel target on Wednesday, not only from their own push but also from the tireless message of Wall Street banks that have been trying to get there for months.

Brent rose to $90.07 a barrel, a level not seen since 2014, as the London-traded global crude benchmark rallied 14% after surging 50% last year. Brent crude settled at $89.96 a barrel, up $1.76, or 2%, on the day.

West Texas Intermediate, the U.S. crude benchmark, closed up $1.75, or 2 percent, at $87.35 a barrel after a session high of $87.94. After rising about 50% in 2021, WTI is up 16% from the previous year.

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“In markets, narrative sometimes matters, not necessarily hard data,” said John Kilduff, a partner at Again Capital, an energy hedge fund in New York. “Aided by geopolitical tensions and the impression that the market is severely undersupplied, the oil narrative is now overwhelmingly on the positive side – something that can only be confirmed in a few months.”

Oil prices rose on Wednesday amid strong speculation that Russia will invade Ukraine, despite Moscow’s repeated denials of such an intention. This week, U.S. troops were placed on “high alert” for possible deployments to Eastern Europe, while NATO sent additional ships and fighter jets to the region, in anticipation of a worsening of the Russian-Ukrainian conflict.

Crude producers in the OPEC+ alliance, which includes Russia, have also reduced output in the past month, reinforcing the theory that the market is undersupplied.

U.S. gasoline inventories rose for a fourth straight week, data from the U.S. Energy Information Administration showed on Wednesday, but last week’s huge buildup since late December eased as refiners processed less crude into products amid weak fuel demand. .

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Motor fuel gasoline, also known as gasoline outside the United States, is the most consumed petroleum product in the United States. Gasoline inventories rose by 1.3 million barrels in the week ended Jan. 21, compared with expectations for a 2.5 million-barrel rise after a 5.9 million-barrel rise last week, EIA data showed.

Despite the contraction in the latest week, the entire barrel of gasoline has swelled by nearly 25 million barrels since the end of December, a record high, as Americans start driving less.

EIA data also showed crude inventories rose for a second straight week as refiners processed less oil into gasoline. Crude inventories rose by 2.4 million barrels last week, compared with market expectations for a decrease of 728,000 barrels and a rise of 515,000 barrels the previous week.

The rise in crude oil prices has contradicted the state of a fuel glut in the United States, the world’s largest oil consumer. Wall Street banks also ignored this factor, focusing on geopolitical tensions in Eastern Europe and tight OPEC+ supply.

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

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20 hours ago

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January 30, 2025

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

Akshay Kumar and Priyadarshan, the acclaimed Indian director, celebrated their 68th birthday on Instagram. Kumar, who has worked with Priyadarshan on several cult comedies of the early 2000s, wished him a happy birthday and called him a mentor. The duo is now back together for their upcoming horror-comedy, Bhooth Bangla.

The first poster of the movie has been released, and it is expected to hit theaters in 2025. Akshay Kumar wore a black fedora and a green jacket, layered over a black tee, and fans have expressed their excitement for their new movie.

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The duo’s dynamic and deep bonding have been praised by fans, who have expressed high anticipation for their new movie. The first poster of Bhooth Bangla has already been released, and the movie is expected to hit theaters in 2025.

Akshay Kumar, the versatile Bollywood actor, recently celebrated director Priyadarshan’s birthday by sharing a behind-the-scenes (BTS) photograph from their upcoming film, “Bhooth Bangla.” In the image, Akshay humorously captioned, “Surrounded by ghosts…” The photo features Akshay alongside Priyadarshan and co-actor Paresh Rawal, all dressed in traditional attire, with a black cat perched on Akshay’s shoulder, adding a whimsical touch to the scene.

Reunion After 14 Years

This collaboration marks a significant reunion between Akshay Kumar and Priyadarshan, who last worked together on the film “Bhool Bhulaiyaa” in 2007. Their partnership has been celebrated in the past for delivering successful comedies like “Hera Pheri” and “Garam Masala.” Fans have eagerly anticipated their return to the big screen together, and “Bhooth Bangla” promises to be a delightful addition to their repertoire.

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About ‘Bhooth Bangla’

“Bhooth Bangla” is a horror-comedy that blends elements of suspense with humor, a genre in which both Akshay Kumar and Priyadarshan have excelled. The film is produced by Balaji Telefilms Ltd in association with Cape of Good Films. The motion poster released earlier this year features Akshay Kumar in a suit, with a cat on his shoulder, licking milk slyly, setting the tone for the film’s intriguing and humorous premise.

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Anticipation and Fan Reactions

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The BTS photo shared by Akshay Kumar has generated excitement among fans, who are eager to see the trio back together on screen. The playful caption and the presence of the black cat suggest that “Bhooth Bangla” will offer a mix of thrills and laughs, staying true to the successful formula of their previous collaborations.

As the release date for “Bhooth Bangla be a significant highlight in the upcoming entertainment lineup. The reunion of Akshay Kumar, Priyadarshan, and Paresh Rawal, combined with the intriguing premise and the playful BTS moments, has set high expectations among audiences. Fans can look forward to a cinematic experience that promises both chills and chuckles.

For a visual glimpse into the making of “Bhooth Bangla,” you can watch the following video Akshay Kumar expressed his gratitude as they once again united for their upcoming movie Bhooth Bangla. This marks a new chapter in their long-standing collaboration since the 2000s. He shared a picture from behind the scenes of their new movie, where it seems like they are laughing about something.

Akshay wrote,”Happy Birthday, Priyan Sir! What better way to celebrate than by spending the day on a haunted set, surrounded by ghosts…both real and unpaid extras? Thank you for being a mentor, and the only person who can make chaos look like a masterpiece. May your day be filled with fewer retakes. Wishing you a fantastic year ahead!”

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