Brent crude, the international benchmark, rose 0.88% to $67.43 per barrel on Thursday, setting the tone for gains across the oil market. Traders pointed to stable demand and disciplined supply as the main catalysts, with Brent’s move signalling confidence in global pricing structures.
WTI and Murban Follow Higher
West Texas Intermediate (WTI) crude advanced 1.00% to $63.34, supported by steady refinery demand in the United States and firm transport fuel consumption. Murban crude, closely tracked in Asia, climbed 0.96% to $70.62, highlighting the region’s robust appetite for Middle Eastern supplies. Together, the benchmarks reflected broad-based buying pressure.
Market Demand Strength Supports Momentum
Market sentiment improved as transport fuel demand remained resilient across major economies. Refinery margins stayed positive, while recovering industrial activity underpinned consumption. Analysts noted that traders interpreted these fundamentals as signs of sustainable recovery, encouraging inflows into crude contracts.
OPEC+ Strategy Anchors Stability
OPEC+ maintained its restrained output strategy, keeping supply in check and anchoring stability. With limited spare capacity and persistent geopolitical tensions in oil-producing regions, the group’s coordinated approach reassured the market. Murban’s premium highlighted Asia’s pull on Middle Eastern crude, reinforcing the demand-supply balance.
Natural Gas Moves Steadily Higher
Natural gas prices edged up 0.33% to $2.761 per MMBtu, supported by weather-related demand in the United States, ongoing European storage adjustments, and stable LNG flows. The market outlook remained cautious but pointed to steady consumption trends.
Market Outlook Balances Stability and Risks
Although prices showed upward momentum, volatility risks persisted. Traders closely tracked U.S. inventory data, Chinese import patterns, and global currency moves for fresh signals. For now, the market appears to be consolidating at current levels, with potential for sharper moves if demand accelerates or supply disruptions emerge.