Monthly Pricing - 01/10/2021

Brent crude prices rose above $80/bbl for the first time since October 2018 as the US Gulf Coast struggles with the disruption caused by Hurricanes Ida and Nicholas.

GBP fluctuated between 1.3903 and 1.3602 against USD in September after UK Prime Minister raised the National Insurance taxes paid by workers and employers by 1.25%.

UK forecourts experience supply shortages caused by panic buying, as the The Petrol Retailers Association warn two-thirds of its 5,500 members are out of fuel.

Price Drivers

Supply 80% of production in Gulf Coast offline after hurricane. OPEC to add 400,000bpd each month until December.
Demand IEA lowered 2021 global demand growth forecast to 5.2m bpd. Fuel demand in India fell by 5% MoM in August 2021.
Geo-Political US and OPEC to investigate 7- year-high gas prices. UK prepares to host the COP26 climate conference.