Oil prices decline slightly after strong growth the day before

Oil prices decline slightly after strong growth the day before

Oil prices decline slightly after strong growth the day before

Oil prices fell slightly on Thursday on data from the American Petroleum Institute (API), which showed an unexpected increase in US inventories by 3 million barrels last week.

The official report on energy reserves in the United States for the past week will be published by the US Department of Energy on Thursday at 18:00 Moscow time. Experts interviewed by S&P Global Platts predict, on average, a decrease in oil reserves by 500 thousand barrels, gasoline – by 2.5 million barrels and an increase in distillate stocks by 300 thousand barrels.

On the eve of the US Department of Energy raised the estimate of oil production in the country in 2020 by 0.1 million b / d, to 11.4 million b / d. The forecast for 2021 is kept at the level of 11.08 million bpd. At the same time, the Ministry of Energy has lowered the forecast for demand for liquid hydrocarbons in 2020 and 2021.

On the eve of the price of oil rose, slightly regaining the fall following the results of the previous session. “Oil has risen in price, recovering from oversold levels,” said Manish Raj, Chief Financial Officer of Velandera Energy. “The market volatility that we saw last week reflects significant uncertainty in the outlook for oil demand,” Raj was quoted as saying by MarketWatch.

The cost of November futures for Brent oil on the London stock exchange ICE Futures by 8:58 Moscow time on Thursday is $ 40.76 per barrel, which is $ 0.03 (0.07%) below the price at the close of the previous session. As a result of trading on Wednesday, these contracts rose in price by $ 1.01 (2.5%).

Futures for WTI crude oil for October in electronic trading on the New York Mercantile Exchange (NYMEX) by this time is $ 37.98 per barrel, which is $ 0.07 (0.18%) below the level of the previous session. On Wednesday, these contracts rose in price by $ 1.29 (3.5%).

Leave a Reply

Your email address will not be published. Required fields are marked *