Wednesday’s U.S. inventory report jolted the market: crude stocks fell by about 607,000 barrels, defying consensus estimates that predicted a modest build.
The effect rippled into both Brent and WTI futures, which climbed roughly 2.5% to reach multi-week highs. For Brent, the settlement hit around $69.31 a barrel, the strongest close since early August. WTI followed, closing near $64.99, its best since early September.
In parts of Russia, Ukraine’s recent strikes reportedly disrupted pumping infrastructure, adding logistic risk to already tight export corridors. Within the U.S., production in key states such as Texas and Louisiana has edged lower in recent weeks, reinforcing senses that growth in supply may no longer cushion against demand surprises.
Union Jack Oil plc (LON:UJO) is an oil and gas company with a focus on onshore production, development, exploration and investment opportunities within the United Kingdom and the United States of America hydrocarbon sector.
