Surging demand for transport fuel against the backdrop of record high natural gas and thermal coal prices has lifted US oil to its highest level in seven years as concerns of insufficient supply grip markets.
West Texas Intermediate crude oil futures hit $US80 a barrel for the first time since 2014 on Friday, while the Brent crude price climbed 0.5 per cent to $US82.39 a barrel.
The momentum behind the boost in oil prices has forced strategists to reassess their forecasts as they move to price in growing tightness across markets in the fourth quarter of this year.
Valeura Energy Inc (LON:VLU) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.