Crude oil closes: weighing the impact of the epidemic on the demand outlook Crude oil futures closed slightly higher

News on November 7, traders continued to weigh the potential impact of the international epidemic on the outlook for crude oil demand, while the weakening of the US dollar boosted energy prices, and crude oil futures got rid of the weak situation in early trading to close slightly higher
.

December futures for West Texas Intermediate crude on the New York Mercantile Exchange rose 70 cents, or 0.
8 percent
, to $93.
31 a barrel.
ICE Futures Futures for January global benchmark Brent crude futures rose 65 cents, or 0.
7 percent
, to $98.
22 a barrel.

Back on the New York Mercantile Exchange, gasoline fell 0.
4 percent to $2.
7229 a gallon in December and heating oil fell 1.
1 percent to $3.
8711 a gallon in December
.
Natural gas prices rose 12.
2 percent, or 12.
2 percent, to $7.
182 per million British thermal heat in December, up more than 7 percent
on Friday.

Phil Flynn, senior market analyst at Price Futures Group, said in a daily briefing: "The oil market was hit Sunday night, but it rebounded
as people were confused about Covid restrictions.
"

Crude oil imports averaged 10.
2 million b/d in October, up from 9.
83 million b/d in September and 8.
9 million b/d
in October, Patterson noted.
This was the strongest monthly import data since May, which was 10.
83 million bpd
.
Crude oil imports in the first 10 months of the year remained down 2.
7% from the same period in 2021 to an average of 9.
97 million bpd
.

Price Futures Group's Flynn said oil imports have surged
.
"There must be a reason why China is suddenly importing a lot of oil," he said
.
China may be "preparing for some form of economic reopening, or at least preparing for winter.
"
Flynn said, "It doesn't really matter
which it is.
" The problem is that global oil supply remains very tight and cannot be mistaken, and any increase in Chinese demand will make this even more stressful
.
”

Meanwhile, Schneider Electric senior commodities analyst Kristen Kelly said in a daily briefing that natural gas futures extended their recent rally
"against the backdrop of a cooler weather forecast.
"

"This week, a winter storm will sweep across the Northwest, bringing very cold temperatures with the possibility of more than 2 feet of snow
," she said.
In addition, "the National Oceanic and Atmospheric Administration predicts that cooler-than-normal temperatures will cover nearly all 48 lower states from November 12 to 20, which will increase heating demand for natural gas and lead to tighter
market conditions.
" ”