Oil prices are rising as producers cut output and investors bet the U.S. consumer will help drive the industry out of its demand crisis.
rose 20.5% Tuesday, in a fifth-straight day of gains for the first time since July. WTI was up $4.17 at $24,56 per barrel.
Michael Bradley, managing director at Tudor Pickering Holt, said markets have reacted to the idea that production is getting cut faster than expected and demand is rising sooner. The American driver is pivotal to world oil demand, and in normal times, gasoline consumption in the U.S. accounts for nearly 10% of daily global energy demand. After the state shutdowns, demand for gasoline dropped nearly by half.
"This market is behaving as if we're going back to 9 million barrels a day plus of demand," Kloza said. '"The question is what's the highest we see, and when will we see it. This is a false start." "It's just one more signal that demand is starting to pick up. ... Obviously, you have Texas opening up again. Anecdotally, you're hearing how Houston is starting to return to normal in terms of traffic," said Smith. "These signs are pointing to not only is the bottom in here but to higher demand again."
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