WTI averaged USD 89.2 per barrel in September, up 9.7% from August’s price and 5.7% higher year on year. Meanwhile, on 29 September, WTI traded at USD 90.8 per barrel, 8.6% higher month on month.
The rise in the spot price in the last three months has been the strongest since Russia invaded Ukraine, with the increase in September the sharpest. The increase came after global observed inventories fell to the lowest level in over a year in August. Russia and Saudi Arabia persisted with their unilateral export and production cuts in September, respectively, straining supplies, and announced they would persist with them until the end of the year. In the U.S., oil news was similarly bullish: stockpiles in the country fell nearly three times more sharply than expected by the market, and the number of U.S. oil rigs slipped to the lowest since February 2022 in the month.
WTI Crude Oil (prices in US$/bbl, aop)
Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
---|---|---|---|---|---|---|---|---|
WTI Crude Oil | - | - | - | - | 94.94 | 108.92 | 93.24 | 82.66 |